Description
What makes firms grow? This appears to be an important question, particularly with governments looking for GDP growth to be driven by firms. The normal vehicle for exploring this in Economics would be to use the 'classical' Theory of the Firm but in terms of growth, it doesn’t really have any answers or at least answers that provide any concrete implications for real-world decision-making. It was this question that the late, great Edith Penrose decided to answer and through doing this, created the Resource Based View (RBV) approach to help explain why firms grow (and some of course do not!). In this second episode of Season 8 of their award winning podcast, your friendly neighbourhood economists Pete and Gav, dive into the world of one of Diane Coyle’s favourite economists - Edith Penrose. Discover how Edith Penrose could be described as the Forrest Gump of economics and see how she challenged the economics orthodoxy of her time. Sadly there is no quiz this time but still there is poetry, food recommendations and plenty of bonhomie. Technical support comes from our own RBV Nic.
Have you ever wanted to walk in the footsteps of the great economists? Do you want to breathe the same air they breathed? Do you want to be inspired by the ghosts of Economics past? Well now's your chance. Cambridge is rich with economic history and in this podcast special, recorded on the hoof,...
Published 09/27/24
One of the fundamental principles of orthodox economics the idea that all economic agents "maximise" - consumers aim to maximise utility (econ speak for happiness) and producers profit. Nobel Prize winning economist Herbert Simon challenged this assumption and in doing so coined a new verb, ‘to...
Published 07/12/24