Resource-advantage theory and the wealth of nations: Developing the socio-economic research tradition

Research output: Contribution to journalArticle

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Abstract

Why aren't all market-based economies wealthy? Many scholars believe that nonwealthy, market-based economies lack certain productivity-enhancing societal institutions, particularly those that promote trust. This article proposes that a new theory - the resource-advantage theory of competition - has the requisites of a socio-economic theory of competition and, consequently, can contribute to explaining why all market-based economies are not wealthy and why institutions that promote trust can be productivity-enhancing. Therefore, resource-advantage theory and its foundational propositions contribute to developing a socio-economic research tradition.

Original languageEnglish
Pages (from-to)335-357
Number of pages23
JournalJournal of Socio-Economics
Volume26
Issue number4
DOIs
StatePublished - 1997

Keywords

  • Economic growth
  • Ethics
  • Institutions
  • Productivity
  • Resources
  • Socio-economies
  • Trust

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