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Abstract The explosion of interest in knowledge and its management reflects the trend towards ‘knowledge work’ and the Information Age, and recognition of knowledge as the principal source of economic rent. The papers in this Special Issue represent an attempt by strategy scholars (and some outside our traditional field) to come to terms with the implications of knowledge for the theory of the firm and its management. They are the product of a convergence of several streams of research which have addressed management implications of knowledge, including the management of technology, the economics of innovation and information, resource‐based theory, and organizational learning. At the theoretical level, knowledge‐centered approaches of Penrose, Arrow, Hayek and others have been enriched by contributions from evolutionary economists (notably Nelson and Winter) and epistemologists (notably M. Polanyi). At the empirical level, research into innovation and its diffusion originated by Mansfield, Griliches and others has been extended through studies which investigate tacit as well as explicit knowledge, and explore knowledge transfer within as well as across firms.