Key take aways - pre-recorded lectures
9 important questions on Key take aways - pre-recorded lectures
Time compression diseconomies
Asset mass efficiencies
Interconnectedness of asset stocks
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Schumpeterian competition (Schumpeter, 1943)
2. Capitalism ... is by nature a form ... of economic change and not only never is but never can be stationary
3. The fundamental impulse that sets and keeps the capitalist engine in motion comes from [innovation]
4. .. the process that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating the new one. This process of creative destruction is the essential fact about capitalism.
Arguments Pure Profit
- Pure profit is a temporary source of economic profit that accrues to a configuration of resources and that can be competed/bargained away in product and/or resource markets.
Principle 4: Schumpeterian (entrepreneurial) profit
Sources of Entrepreneurial Profit (5)
- Information asymmetries
- Different expectations
- Luck
- (Entrepreneurial insight?)
- (Resource complementarities!)
The view of the firm in High Church of RBV
- Simplistic view of the firm: resources go in, products come out
- Black box
Tries to understand competitive strategy in terms of imperfections in product markets and imperfections in factor markets.
From ‘resource picking’ to ‘capability building’
o Stocks = resources a firm controls at a particular point in time
o Flows = The process by which, over time, firms may accumulate these assets
Resources that must be built because they cannot be bought (Teece et al., 1997)
o Opening up the black box
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
