Chapter

Knowledge‐based Views of the Firm

Nicolai J. Foss

in Strategy, Economic Organization, and the Knowledge Economy

Published in print February 2005 | ISBN: 9780199240647
Published online April 2005 | e-ISBN: 9780191602177 | DOI: http://dx.doi.org/10.1093/0199240647.003.0004
 Knowledge‐based Views of the Firm

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This chapter argues that the theory of the firm put forward in Nelson and Winter (1982) is less about bounded rationality than it is about socially held tacit knowledge. Attempts to combine the two are likely to be unsuccessful, with one driving out the other. The absence of a clear behavioural foundation for the organizational-capabilities approach is the main cause of difficulties that the knowledge-based views of the firm has in illuminating the key organizational economics issues of the internal organization and boundaries of the firm.

Keywords: knowledge-based view of the firm; international organization; organizational economics; bounded rationality; tacit knowledge

Chapter.  7563 words.  Illustrated.

Subjects: Economic Systems

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