Organizational routines are considered basic components of organizational behavior and repositories of organizational capabilities (Nelson & Winter, 1982). They do, therefore, hold one of the keys to understanding organizational change. The article focuses on how the concept of organizational...

This paper argues that economists have been schizophrenic regarding the theory of the firm in a competitive industry. In much (but not all) of their formal mathematical modeling, maximization and equilibrium are taken literally. Ordinarily, however, both maximization and equilibrium are...

Stochastic theories of the firm size distribution explain observed size differences among firms as the consequence of random growth rate differences, accumulated over time. Little attention has thus far been paid, however, to economic interpretation of the abstract stochastic processes involved....

This paper reviews the case for an evolutionary approach to problems of economic analysis, ranging from the details of individual firm behavior in the short run through industrial dynamics to the historical evolution of institutions and technologies. We draw upon a substantial body of recent...