Explore the foundational principles of a new theory of the Firm with “Adaptation, Specialization, and the Theory of the Firm.” This essential read from “The Bookish Owl” revisits Birger Wernerfelt’s groundbreaking work, offering a comprehensive look at the resource-based view of the Firm. Dive into the long-standing academic debate on the nature of a ‘firm’ in both economics and management. Wernerfelt presents extensively revised versions of his classic articles, including the influential ‘A Resource-Based View of the Firm’ (1984), updated for clarity and impact. Discover precise concepts, accessible predictions, and future research directions. Ideal for students and scholars in management and economics seeking to deepen their understanding of business strategy and theory.