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ISSN: 2306-3483 (Online), 2071-8330 (Print)

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Evolutionary and Competence-Based Theories of the Firm

Vol. 5, No 1, 2012

Balazs Kallay

University of West Hungary


Evolutionary and competence-based theories of the firm


Abstract:  Around the 1980’s the critiques about contract theories of the firm were getting more intense, and consequently the so-called evolutionary and competence-based theories of the firm were born. Although forming less homogeneous groups, these theories focus basically on different questions: they primarily wanted to explain the heterogeneity of firms; they were eager to know why firms differ. In the present work I examine the critical remarks of the contract theories and the newly developed – earlier as well as present-day – theories of the major schools of economic thought.


Keywords: Theory, firm, contract, competence, evolutionary, knowledge.

JEL Classification: D21.