Creating sustainable wealth in the knowledge-based economy: Theoretical foundations

Purpose - This is a theoretical research paper that aims to explore the leading microeconomic theories that support sustainable wealth creation. Design/methodology/approach - This research draws on the leading microeconomic theories of the firm, including the resource-based view, the knowledge-based view, the activity-based view, dynamic capabilities, open innovation, entrepreneurship, and corporate social and environmental responsibility to identify the drivers of creating sustainable wealth in the knowledge economy. Originality/value - This paper puts forward arguments for exploring the theories that holistically integrate the goals of economic, social and environmental growth and development into firms sustainable in their form of wealth generation. Practical implications - Although theoretical, in nature, this paper opens a practical avenue to explore the way in which enterprises develop their resources, capabilities and activities, fostering the persistence of building and preserving competitive advantages based on knowledge and sustainable development.