Edith Penrose's tightly argued classic laid the foundations for the resource based view of the firm, now the dominant framework in business strategy She analyses managerial activities and decisions, organizational routines, and also the factors that inevitably limit a firm's growth prospects....

We revisit and critically assess the contribution of Edith Penrose's classic book “The Theory of the Growth of the Firm” in economics and management scholarship, on occasion of its fiftieth anniversary and the publication of its fourth edition. We revisit an earlier claim of ours that the...