Edith Penrose's Legacy: Shaping Economics, Management, and Political Economy

by Jonathan Michie (Editor), Christine Oughton (Editor)

Overview

Edith Penrose is best known for The Theory of the Growth of the Firm, originally published in 1959, but she made major contributions in other fields, including patents, the oil industry, and development economics. This book explores her work and legacy, not just on economics – she was the founding Head of Department of Economics at SOAS University of London - but also on the related fields of management and political economy where her contribution has had significant impact.

Penrose challenged the conventional wisdom of economics by opening up the ‘black box’ view of the firm to explore what goes on inside, in particular how resources are managed and renewed to influence growth and innovation. Her analysis was cognisant of the wider political economy context in which firms operate, recognising the different impact of large international firms on developing and developed countries. Penrose’s work has shaped modern theories of strategic management including the resource-based view of the firm and the dynamic capabilities approach.

The chapters in this volume, from leading economists and management scholars, cover a range of topics including innovation, collaboration between firms and universities, and the practice and consequences of share buy-backs, highlighting the value of a Penrosian perspective and the extent of her legacy. This book will be relevant to students and scholars of economics, management, and political economy.

This book was originally published as a special issue of International Review of Applied Economics.

Product Details

ISBN-13:	9781032959092
Publisher:	Taylor & Francis
Publication date:	01/31/2025
Pages:	294
Product dimensions:	6.88(w) x 9.69(h) x (d)

About the Author

Jonathan Michie is Professor of Innovation and Knowledge Exchange at the University of Oxford, where he is also Pro-Vice-Chancellor and President of Kellogg College. He is the managing editor of the International Review of Applied Economics, and Chair of the Universities Association for Lifelong Learning.

Christine Oughton is Professor of Management Economics at SOAS University of London. Her research focuses on innovation, environmental management & economics, corporate governance, financial inclusion and growth. She has published widely on innovation, environmental management & economics, governance and growth.

Table of Contents

Preface - Edith Penrose: Legacy and Impact 1. Edith Penrose’s influence on economic analysis, strategic management and political economy 2. Edith Penrose and the Penrose Lectures 3. Patents, innovation, and development 4. Collective value creation: A new approach to stakeholder value 5. Is the most unproductive firm the foundation of the most efficient economy? Penrosian learning confronts the neoclassical fallacy 6. The story of flight 7. Captive markets and climate change: Revisiting Edith Penrose’s analysis of the international oil firms in the era of climate change 8. Complementarities between product and process innovation and their effects on employment: A firm-level analysis of manufacturing firms in Colombia 9. Penrose’s theory of the firm in an era of globalisation 10. Necessary and sufficient conditions for the absorptive capacity of firms that interact with universities 11. Profit rate dynamics in US manufacturing 12. What is Edith Penrose’s legacy for the theory of the firm? 13. Regulating stock buybacks: The $6.3 trillion question 14. The life and times of Edith Penrose