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"The basic propositions that Edith Penrose put forth in her book The Theory of the Growth of the Firm were provocative and path breaking. However, few then ventured to go down the path she blazed. Time has passed, and over the last decade that path has become crowded with scholars of firm behavior, some of whom have only the dimmest awareness that the ideas they are working with were first put forward by Penrose. How good it is to have her book, long out of print, available again. Her insights, her arguments, still read fresh and right, and finally will get the attention they warrant."--Richard R. Nelson, Columbia University
Product Description
There are not many books that are genuine classics, and only a handful in business and management whose insights and ideas last for 50 years and more. This book is one of the very few 'must reads' for anybody seriously interested in the role of management within the firm. Originally published in 1959, The Theory of the Growth of the Firm has illuminated and inspired thinking in strategy, entrepreneurship, knowledge creation, and innovation. 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. For this new anniversary edition, Christos Pitelis has written a new introduction which both tells the story of Penrose's extraordinary life, and provides a balanced assessment of her key ideas and their continuing relevance and freshness.
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4 reviews
10 of 10 people found the following review helpful
Ground-Breaking and Fascinating
15 July 2001
Format:Paperback
This book helped provide the foundation for what has become known as the resource-based view of the firm (RBV). Back in 1959, when the male gender dominated the economics discipline, Ms. Penrose set out to answer this question: Was there "something inherent in the very nature of any firm that both promoted its growth and necessarily limited its RATE of growth."
I found this book so interesting and helpful (I am a business appraiser) that I read it twice. This led me into studying the resource-based view of the firm.
I recommend this book for anyone interested in the broad topics of business strategy and management. Related books that I recommend include "Contemporary Strategy Analysis," by Robert Grant; "Modern Competitive Analysis, by Sharon Oster; and "Why Firms Succeed," by John Kay.
7 of 7 people found the following review helpful
A classic that has guided management academics for decades
28 July 2005
Format:Paperback
The Theory of the Growth of the Firm is a classic book in management literature, and one that is explored by academics as well as business enthusiasts. With this book, Penrose founded what's known as the resource-based view. Essentially, she determined that there must be something inside the firm that drives its growth (i.e. success).
The author explores the reasons for such growth. Penrose moves away from the neoclassical economics model of the firm towards a definition of the firm as one that has administrative responsibilities (strategic planning or management) and a view of the firm as a collection of resources (human resources, technologies and other capabilities a firm has). She argues that choice of how those resources are put to use is central to a firms "entrepreneurial" activity.
Penrose goes on to say that change and growth of firms must be driven from inside the firm because the economy as a whole does not constrain firms. Managers, she says, know that they can alter their environment, and that the environment is not independent of their activities.
The resources that are available within firms are ever changing, of course, and often come together in bundles. This means that there are always some resources that are not being used, or being used inefficiently. Managers who realise this can develop those resources and grow their companies as a result. Thus, it is knowledge in combination with resources that drives growth. This is also what makes each firm unique: there are hundreds of ways to combine those resources, and each firm does it differently.
The book then talks about how growth takes place - sometimes as part of a diversification process or through an acquisition or merger. Penrose also discusses the role of time, and the difference between a small or a larger company growing. Growth, she concludes is possible for all firms - size does not necessarily mean that a firm is more efficient (which is the typical economic argument). The only thing that constrains growth, really, is the limited capacity we humans have for managing a lot of change at once.
The style of writing is conversational, if somewhat dated. The only slight drawback is that Penrose often returns to hammer on the same point. But that's not unusual for this type of book. The most astonishing aspect by far is that Edith Penrose was a woman, in a world of business and academia that then, and still now, consists largely of men.
The author explores the reasons for such growth. Penrose moves away from the neoclassical economics model of the firm towards a definition of the firm as one that has administrative responsibilities (strategic planning or management) and a view of the firm as a collection of resources (human resources, technologies and other capabilities a firm has). She argues that choice of how those resources are put to use is central to a firms "entrepreneurial" activity.
Penrose goes on to say that change and growth of firms must be driven from inside the firm because the economy as a whole does not constrain firms. Managers, she says, know that they can alter their environment, and that the environment is not independent of their activities.
The resources that are available within firms are ever changing, of course, and often come together in bundles. This means that there are always some resources that are not being used, or being used inefficiently. Managers who realise this can develop those resources and grow their companies as a result. Thus, it is knowledge in combination with resources that drives growth. This is also what makes each firm unique: there are hundreds of ways to combine those resources, and each firm does it differently.
The book then talks about how growth takes place - sometimes as part of a diversification process or through an acquisition or merger. Penrose also discusses the role of time, and the difference between a small or a larger company growing. Growth, she concludes is possible for all firms - size does not necessarily mean that a firm is more efficient (which is the typical economic argument). The only thing that constrains growth, really, is the limited capacity we humans have for managing a lot of change at once.
The style of writing is conversational, if somewhat dated. The only slight drawback is that Penrose often returns to hammer on the same point. But that's not unusual for this type of book. The most astonishing aspect by far is that Edith Penrose was a woman, in a world of business and academia that then, and still now, consists largely of men.
6 of 6 people found the following review helpful
A richly rewarding read
9 Aug 2003
Format:Paperback
I find myself springing to the defense of this book, because when I read it - right through - it was with a sense of appreciation for its acumen. Penrose's terminology is a little idiosyncratic but it does not take long for the reader to adjust. Moreover, when reading it with the circumstances of actual companies in mind, it presents a way to gain insight into their histories. One other way to express this is that my notes on this book are very detailed and lengthy. I didn't make these notes simply because the book is a "classic".
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