Edith Penrose has been one of the most significant economists of the second part of the twentieth century. Her contribution to the theory of the firm has reinvented and productively developed the classical tradition in economics. It has informed the currently dominant resource/knowledge-based theory of the firm. Penrose's contribution, however, extends to a great variety of areas, to include industry organization, strategic management, international business, human
resource management, economics of innovation and technological change, history, methodology, macroeconomics, and much more. This volume builds on a special issue of Contributions to Political Economy, that celebrated forty years since Penrose's classic The Theory of the Growth of the Firm. It includes
fourteen chapters by leading contributors on the aforementioned aspects of Penrose's work.
This book celebrates Penrose's contribution to economics and management. Leading scholars (including such 'classic' names as Robin Marris and George Richardson), assess Penrose's contribution to economics, strategic management, industry organization, and more. Using a Penrosean lens, these authors address the most important issues such as resource allocation and resource creation, co-ordination, innovation and growth. They cover topics ranging from the nature of the firm, firm growth, and
strategy, to multinational firms, industry organization, innovation, and economic development. In so doing, they make contributions to scholarship of the highest quality, with significant implications for business and government policy on competition, industry, and development.
Presents a good balance in terms of perspectives and content ... should appeal to a large audience of scholars from multiple disciplines, including business history, organizational economics, international business, and strategic management. Academy of Management Review Pitelis's book opens our eyes to the variety of contexts in which Penrose's theory of firm-level growth is applicable ... Rereading Penrose (1959) after reading Pitelis's book should result in a different learning experience for the reader, who will connect the dots between Penrose's ideas and different research contexts more naturally. Academy of Management Review
1: C. Pitelis: Introduction and Overview
2: P. Penrose and C. Pitelis: Edith Elura Tilton Penrose: Life, contribution, and influence
3: G. B. Richardson: Mrs Penrose and Neoclassical Theory
4: B. J. Loasby: The Significance of Penrose's Theory for the Development of Economics
5: R. Marris: Edith Penrose and Economics
6: N. Kay: Hercules and Penrose
7: E. Garnsey: The Growth of New Ventures: Analysis after Penrose
8: C. Pitelis: A Theory of the (Growth of the) Transnational Firm: A Penrosean perspective
9: N. J. Foss: Edith Penrose, Economics, and Strategic Management
10: J. T. Ravix: Edith T. Penrose and Ronald H. Coase on the Nature of the Firm and the Nature of Industry
11: M. H. Best: Regional Growth Dynamics: A capabilities perspective
12: M. Turvani: Mismatching by Design: Explaining the dynamics of innovative capabilities of the firm with a Penrosean mark
13: J. Cantwell: Innovation, Profits, and Growth: Penrose and Schumpeter
14: W. Lazonick: The US Corporate Enterprise and 'The Theory of the Growth of the Firm'
15: S. Ghoshal, M. Hahn, and P. Moran: Management Competence, Firm Growth, and Economic Progress