In fact, the logic developed in the 1991 special issue applies as well to rapidly changing
markets and dynamic capabilities as it does to stable markets and resources and capabilities. Changing the words with which the theory is developed does not change the underlying theory. Put differently, “dynamic capabilities” are simply “capabilities that are dynamic.”
Consider, for example, Eisenhardt and Martin’s (2000) arguments. First, they suggest that
dynamic capabilities have been widely described in several different industries, and have
even become codified in the form of best practices. This is an empirical assertion that may
vary across industries. However, assuming this assertion is empirically correct, Eisenhardt
and Martin (2000) conclude that these dynamic capabilities, perse, cannot be a source of
competitive advantage. This, of course, is consistent with traditional resource-based logic.