‘Circumspect vigilance’: reconsidering the implications of Edith Penrose’s single argument for sustainable economic development

Blundel, Richard (2014). ‘Circumspect vigilance’: reconsidering the implications of Edith Penrose’s single argument for sustainable economic development. In: Edith Penrose Centenary Conference, 14-15 Nov 2014, SOAS, University of London.

Abstract

The paper conducts a critical review of the ‘single argument’ that underpins Penrose’s (1959) study, The Theory of the Growth of the Firm (TGF). It summarises six components of the argument, tracing their inter-connected journey towards TGF’s two relatively neglected concluding chapters. In doing so, it highlights Penrose’s broader concern with the economic and social consequences of the unconstrained growth of large firms. This theme is developed through a reflection on the ways in which Penrose’s extended argument can be applied in contemporary economic development research. This section builds on insights from research that extends the Penrosean learning dynamic to incorporate inter-organisational relationships and regional growth dynamics. It re-examines Penrose’s subsequent critiques of M-form organisations and of economic liberalisation policies in developing countries and opens up a discussion about the ways these disparate ideas might be combined to inform policy debates in areas such as inclusive innovation and environmentally sustainable economic growth.

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