The principal contribution of the resourcebased
view of the firm to date has been as a
theory of competitive advantage. Its basic
logic is a relatively simple one. It starts with
the assumption that the desired outcome of
managerial effort within the firm is a
sustainable competitive advantage (SCA).
Achieving an SCA allows the firm to earn
economic rents or above-average returns. In
turn, this focuses attention on how firms
achieve and sustain advantages. The
resource-based view contends that the
answer to this question lies in the possession
of certain key resources, that is, resources
having the characteristics of value, barriers
to duplication and appropriability.