Dynamic capabilities has been mischaracterized by derivative interpretations of the original concept, with variation in terms, core assumptions, and methodologies. However, in its original formulation dynamic capabilities was a framework rooted in organizational economics. We take the original formulation as a starting point to explore the relevance of the concept of emergence to the framework today. This perspective leads to a reinterpretation of the role of complementarities, co-specialization, rules, co-evolution and the ecosystem in the dynamic capabilities framework. The paper concludes with directions for research that this new frame of reference helps identify.