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189:," he said, "every few weeks you have statements such as, 'We’ll have to think it out again. These results aren't going the way we thought they would.' Well, in economics, the results always go the way we thought they would because we approach the problems in the same way, only asking certain questions. Entrepreneurial Economics challenges fundamental principles, using insights from models and theories in the natural sciences."
252:" of the entrepreneur. He is the "coordinator, modern leader and manager within his firm". He is a kind of "super-manager" because the exercise of the function needs a combination of rare qualities and experience: "Judgement, perseverance, and a knowledge of the world as well as of business...the art of superintendence and administration". To Say, a successful entrepreneur must demonstrate prudence, probity and regularity.
287:. Capitalists supply capital while entrepreneurs innovate. He stated that "whatever the type, everyone is an entrepreneur only when he actually carries out a new combination and loses that character as soon as he has built up his business, when he settles to running it as other people run their business." The focus here is not on a category of person, but on a function. He was perhaps influenced by his family history.
328:. Entrepreneurs are also gap-fillers, having the ability to perceive market opportunities and to develop new goods/services that are not currently being supplied. He postulates that entrepreneurs have the special ability to connect markets and make up for market deficiencies. Additionally, drawing from the theories of
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Another current of thought underscores the motivational aspects of personal achievement. This overemphasized the individual and his values, attitudes and personality. This thought, however, has been severely criticized by many scholars such as Kilby (1971) and Kunkel (1971).
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exists where there is no basis for objective probabilities, so that it is unmeasureable and decisions have to be made using subjective judgment. The entrepreneur earns economic profits as a reward for good judgment. Entrepreneurs are seen as being confident and venturesome.
233:(1680?-1734) was the earliest scholar of whom we know that paid considerable attention to the entrepreneur. He introduced the very concept of entrepreneur. The entrepreneur is functionally described as arbitrager. The motivating factor is the potential
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emphasized its occurrence in the context of a religious belief system, thereby suggesting that some belief systems do not encourage entrepreneurship. This contention has, however, been challenged by many sociologists.
279:'s concept is a synthesis of three different notions of the entrepreneur: risk bearer, innovator and a coordinator. He assigned the role of innovator to the entrepreneur, driving economic growth through a process of
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or crime. Societies differ significantly in how they allocate entrepreneurial activities between the two forms of entrepreneurship, depending on the 'rules of the game' such as the laws in each society.
175:. Current textbooks have only a passing reference to the concept of entrepreneurship and the entrepreneur. Equilibrium models are central to mainstream economics, and exclude entrepreneurship.
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336:, Leibenstein suggests that entrepreneurs have the ability to combine various inputs into new innovations in order to satisfy unfulfilled market demand.
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is a chaotic, unpredictable economic process, which cannot be modeled using the equilibrium based analytic methods used in mainstream economic theory.
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as its sole determinants. Weber suggested a direct relationship between the ethics and economic system as both interacted intensively.
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defines the entrepreneur as the missing link between investment in knowledge and growth. It is the entrepreneur who adds value to
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A classical thought on entrepreneurship: Successful
Entrepreneurship: Confronting Economic Theory with Empirical Practice
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Sheldon, I.M.; Suckling, Charles; Copestake, T.B.; Epton, S.R.; Ong, C.H.; Epton, S.R.; Powell, N.K. (1984). "Reviews".
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Vogel J.H. (1989). Entrepreneurship, Evolution and the
Entropy Law. The Journal of Behavioral Economics. Vol. 18, No. 3.
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has argued that entrepreneurship can be either productive or unproductive. Unproductive entrepreneurs may pursue
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Scarr, Sandra; Weinberg, Richard A. (1978). "The
Influence of "Family Background" on Intellectual Attainment".
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Tabarok A. (2002). Entrepreneurial
Economics – Bright Ideas from The Dismal Science. Oxford University Press.
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Chen J. (2005). The
Physical Foundation of Economics – An Analytical Thermodynamic Theory. World Scientific.
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in which conclusions take precedence over problems. "If you look at a page of a scientific journal like
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SPRU Working Paper Series 2013-03, SPRU - Science and
Technology Policy Research, University of Sussex.
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saw the entrepreneur as someone who undertakes business decisions under conditions of 'uncertainty'.
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Entrepreneurship is difficult to analyse using the traditional tools of economics, e.g. calculus and
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generated from the activity of "buying at a certain price and selling at an uncertain price".
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Vining G.T., Van Der Voort R. (2005). The
Emergence of Entrepreneurial Economics. Elsevier.
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Glancey, Keith D., Mcquaid, Ronald W (2000) Entrepreneurial
Economics. Palgrave Macmillan.
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A Treatise on
Political Economy or the Production, Distribution and Consumption of Wealth
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Muppets and
Gazelles: Political and Methodological Biases in Entrepreneurship Research,
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Casson, Mark C. (1982) The Entrepreneur: An Economic Theory, Oxford: Martin Robertson,
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Parker, S. C. (2009). The economics of entrepreneurship. Cambridge University Press.
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Farmer J.D., Shubik M., Smits E. (2005). Economics: The Next Physical Science?
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Sharma, Vivek, Workbook on Entrepreneurship (2005), Abza Publications, India
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largely relate to four major currents of thought. Early thinkers such as
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Entrepreneurship and economic development; edited by Peter Kilby
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and entrepreneurship within the economy. The accumulation of
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model, an essential factor of production in the economy.
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claimed that entrepreneurship is a creative response to
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that "The theoretical firm is entrepreneurless – the
583:"Althusser and the Renewal of Marxist Social Theory"
610:. New York: Free Press; London: Collier-Macmillan.
132:is the field of study that focuses on the study of
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469:"How does economics connect to entrepreneurship?"
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