This essential collection of papers by David J. Teece explores ideas of both theoretical and practical significance in the field of strategic management, particularly the importance of dynamic capabilities for organizations in industries undergoing change.In an era of global specialization, mainstream theories of the firm that obsess on contracts and production functions, knowledge accumulations, and knowledge dispersion are poor abstractions of reality. The author's understanding of contemporary realities is well reflected and clearly articulated in this critical volume. Topics addressed include the development and elaboration of the dynamic capabilities framework (with an emphasis on the orchestration of resources both inside and outside the firm to capture value), as well as the theoretical and conceptual understanding of the essence of the firm.

Students, professors and researchers working in economics, business and management, organization studies and innovation studies will find this book an invaluable resource.