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The Institutions of the MarketOrganizations, Social Systems, and Governance$
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Alexander Ebner and Nikolaus Beck

Print publication date: 2008

Print ISBN-13: 9780199231423

Published to Oxford Scholarship Online: September 2008

DOI: 10.1093/acprof:oso/9780199231423.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 January 2021

Dynamic Capability as a Source of Change

Dynamic Capability as a Source of Change

(p.40) 2 Dynamic Capability as a Source of Change
The Institutions of the Market

Sidney G. Winter (Contributor Webpage)

Oxford University Press

This chapter examines the concept of dynamic capability as it has developed in the strategic management field, taking primarily the ‘learned competence’ perspective and emphasizing the proactive uses of dynamic capabilities by business firms. It seeks to clarify how apparent opposites — novelty and familiarity, creativity, and learned routine — come into a pragmatic synthesis in the context of dynamic capability. It also places the discussion in a broader frame than the usual profit-oriented one of strategic management, giving more emphasis to both causes and consequences at levels of analysis above that of the individual firm. The chapter begins by reviewing the intellectual background, linking the dynamic capability idea to Schumpeter's ‘routinization of innovation’ and to the analysis of routines in evolutionary economics. It then sketches two examples of dynamic capabilities: product development in semiconductors and retail outlet replication. Only after the dynamic capability concept is thus motivated and illustrated does the focus shift to more careful definitions and economic analysis of the hierarchy of change.

Keywords:   strategic management, learned competence, Schumpeter, routinization of innovation, evolutionary economics, dynamic capabilities

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