Resource-Based Theory vs. Five Industrial Organization Schools

Conner's 1991 article provides a historical comparison of resource-based theory with five established schools of thought within industrial organization (IO) economics. The paper aims to determine if resource-based theory offers a genuinely new perspective on the firm. It analyzes the similarities and differences between resource-based theory and the neoclassical, Bain-type IO, Schumpeterian, Chicago, and Coase/Williamson transaction cost economics approaches. The analysis explores how each theory views the firm as a source of competitive advantage and the implications for firm strategy. Ultimately, the work seeks to clarify the distinctiveness and potential contributions of the resource-based view to the broader understanding of the firm within economic theory.