Entrepreneurs exploit market opportunities and innovate to achieve or maintain strategic advantage over their competitors.In the absence of government regulation,
This paper enlarges Menger’s theory of the origins of money by making explicit the role of entrepreneurship in the theory and by extending the theory to market institutions other than money.
Changes in ownership titles are essential to understanding competitive dynamics and, more broadly, the market process. There is ample evidence that a crucial source of productivity growth,
Austrian business cycle theory has been criticized on the basis of “rational expectations.” That is, reasonably high quality entrepreneurs—which are required for economic growth
The growth of government during this century has attracted the attention of many scholars interested in explaining that growth and in proposing way
The United States emerged with a superior technology early in the nineteenth century.
In the later half of the twentieth century a production function approach to economic growth has led both growth theory and growth policy to conclude that increases in output could best be produced by increasing the inputs into the production process.
Economic growth is determined by two elements, by (a) by the available quantities of goods that can be used in the productive process and (b) by the adroitness with which these available factors of production are combined.
Do entrepreneurs make predictable mistakes? Theory and evidence suggest otherwise. Contrary to the conventional wisdom on mergers and sell-offs, divestitures of previously acquired assets
In his book The Theory of Economic Development, Schumpeter (1934) pointed out that entrepreneurs are prime movers of economic change. The entrepreneurs described by Schumpeter were innovators.
