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In recent years, resource‐based theory has emerged as one of the most promising theoretical frameworks in the field of strategic management. Unfortunately, past articulations of the theory have adopted a static orientation, with the result that organizational learning ‐ a dynamic process ‐ has been excluded from the discussion. Presents a model designed to incorporate organizational learning effects into the resource‐based view. Then applies the model to a number of case examples to demonstrate the importance of including organizational learning as a component of resource‐based theory. Concludes that organizational learning is itself a strategic capability or resource important to the process of building and maintaining competitive advantage.