The dynamic capabilities view has recently emphasized how under dynamic conditions of competition successful adaptation critically hinges upon the ability to innovate. Instead of simply defending a favorable position, firms are expected to consistently introduce new products and/or renew existing processes. Drawing from organizational learning theory, we argue that in dynamic competitive landscapes firms can enhance their level of fitness by learning from direct experience and/or the experience of others. We test our theoretical hypotheses using information on the evolution of the worldwide civil airplane industry over the 1905-1998 period. Our results indicate that those firms whose adaptive efforts mark an improvement not only upon prior performance, but also relative to the market are more likely to survive in the face of dynamic competitive landscapes. Since a firm's adaptive efforts co-evolve with those of other firms, we argue that learning reflects both adaptation and selection processes.