Key take aways - lecture notes
3 important questions on Key take aways - lecture notes
Three disadvantages of neoclassical model --> what the low church is trying to deal with
Firm is treated as a black box
o The productive knowledge is a given assumption & outside the analysis).
Static equilibrium logic
o (Preferences and productive knowledge are treated as given à WTP, OC etc. depends on preferences of consumers and is fixed).
Firm is treated as a unitary agent
o (Value appropriation within the firm is ignored à one person who is completely rational, but a firm is not one person; within a firm there are conflicts of interest, for example employees and stakeholders)
o The productive knowledge is a given assumption & outside the analysis).
Static equilibrium logic
o (Preferences and productive knowledge are treated as given à WTP, OC etc. depends on preferences of consumers and is fixed).
Firm is treated as a unitary agent
o (Value appropriation within the firm is ignored à one person who is completely rational, but a firm is not one person; within a firm there are conflicts of interest, for example employees and stakeholders)
Low Church: Extending the RBV
Opening the black box of the firm -> related to firms is treated as a black box
From statistic to dynamic arguments -> related to static equilibrium logic
Incorporating managerial and organizational processes -> is basically try to talk more to language of day-to-day manage.
From statistic to dynamic arguments -> related to static equilibrium logic
Incorporating managerial and organizational processes -> is basically try to talk more to language of day-to-day manage.
How does the Low Church RBV explain performance differences?
- Switch from individual resources (VRIN) to a more static view in terms of dynamics at the collective level:
o (Investment in building) collective knowledge
o (Process of) organizational learning
- To capture and explain these things we need to move from an equilibrium to an evolutionary logic.
o (Investment in building) collective knowledge
o (Process of) organizational learning
- To capture and explain these things we need to move from an equilibrium to an evolutionary logic.
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