Wernerfelt

B. Wernerfelt was a notable economist who contributed to understanding how companies can gain competitive advantage through their internal resources. His key idea is that a firm's unique assets—like patents, brand reputation, or specialized knowledge—are crucial for sustained success. He argued that companies should focus on leveraging and developing these internal strengths, as they are difficult for competitors to imitate. This perspective shifted analysis from external factors alone to emphasizing the importance of internal capabilities in strategic planning and decision-making within the field of strategic management.