Strategic Management Review > Vol 3 > Issue 2

Strategy Dynamics and the Theory of the Firm: Homage to Richard Rumelt

David J. Teece, Institute for Business Innovation, University of California, Berkeley, USA,
Suggested Citation
David J. Teece (2022), "Strategy Dynamics and the Theory of the Firm: Homage to Richard Rumelt", Strategic Management Review: Vol. 3: No. 2, pp 265-294.

Publication Date: 21 Jul 2022
© 2022 now Publishers, Inc.
Corporate strategy,  Competitive strategy,  Entrepreneurship and strategy,  Micro-foundations of strategy
Dynamic capabilitiesentrepreneurshipRichard Rumeltstrategytheory of the firm


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In this article:
Rumelt's Fundamental Contributions of the 1980s 
Good Strategy, Bad Strategy, and Capabilities 
Rumelt and the Strategic Theory of the Firm 
Theories of the Firm 
A Strategy Dynamics Theory of the Firm 


Richard Rumelt helped pioneer many key ideas in the field of strategic management, including how the ownership of unique bundles of resources determines competitive outcomes, how isolating mechanisms protect rent streams, and how entrepreneurship drives the firm's choices of markets and resources. He chose not to build these insights into an integrated framework. However, his perspective on strategy and his emphasis on coherent actions for the firm are complementary to and connected with the concept of organizational capabilities. The dynamic capabilities framework builds on Rumelt's work and can serve as a basis for advancing the strategic theory of the firm on which Rumelt began work in the 1980s.



Strategic Management Review, Volume 3, Issue 2 Special Issue in Honor of Richard Rumelt
See the other articles that are part of this special issue.