Talk:Entrepreneurial economics
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editI think the word "not" occurs in almost every sentence in this article. I think it would be more useful is someone were to re-write this article and spend more time describing what it is, and less on saying that it's not mainstream econ. Or delete it, due to it being an article on someone's master's thesis.
This article is severely biased. The author obviously thinks entrepreneurial economics a joke and that people should stick to mainframe economics. The article should be scrapped and rewritten. —The preceding unsigned comment was added by Emeraldstone (talk • contribs) 00:53, 7 February 2007 (UTC).
Rewrite
editI think someone needs to rewrite this or change the format. I would but I don't know if it would be much better, because I don't know anything about entrepreneurial economics. But I do know this article needs fixing.--Emeraldstone 00:23, 27 April 2007 (UTC)
This is an area where much more work needs to be done. Though economics assigns a key role to the entrepreneurs, still not much is written about entrepreneurs. Much research has been conducted on the topic in the past 15 - 20 years. Researchers need to educate us about their work. With time, we hope to see this page full of activity. --Prof. Vivek Sharma (talk) 06:08, 7 August 2008 (UTC)
Yes this article is truly junk. One of the problems of this field is that even the name "Entrepreneurial Economics" is far from being generally accepted or known. Will try to get time to write a more proper article at some point.... —Preceding unsigned comment added by 84.13.120.245 (talk) 23:05, 24 August 2008 (UTC)
Dr. Henrekson's comment on this article - DONE
editDr. Henrekson has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
The term ought to be
entrepreneurship economics, not entrepreneurial E.
an institutional environment that encourages free entrepreneurship becomes the ultimate determinant of economic growth.
change to:
an institutional environment that encourages productive entrepreneurship becomes the ultimate determinant of economic growth.
Early economic theory, however did not lay proper attention to the entrepreneur. change to Early economic theory, however did not pay proper attention to the entrepreneur.
Current textbooks have only a passing reference to the concept of entrepreneurship and the entrepreneur. Ref: Dan Johansson in Econ Journal Watch
Overall, the text is highly preliminary and the author has to work more on it Before it is worthwhile commenting on the text in detail.
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Dr. Henrekson has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Braunerhjelm, Pontus & Henrekson, Magnus, 2015. "An Innovation Policy Framework: Bridging the gap between industrial dynamics and growth," Working Paper Series in Economics and Institutions of Innovation 391, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
Dr. Leyden's comment on this article
editDr. Leyden has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
I find the article overall does a poor job of defining the notion of entrepreneurship and of describing the intellectual history of the development economic analysis of entrepreneurship. The article seems to be more focused on criticizing mainstream economics. As a result, there is little value in trying to correct individual sentences or paragraphs. The economic literature on entrepreneurship is quite rich with many dimensions. One resource that provides a relatively succinct description of entrepreneurial economics from an historical, microeconomic perspective with references to other works, see Chapter 2 of: Leyden, D. P., & Link, A. N. (2015), Public sector entrepreneurship: US technology and innovation policy, New York, NY: Oxford University Press. Another place to begin might be: D. B. Audretsch, C. S. Hayter, & A. N. Link (Eds.), The Concise Guide to Entrepreneurship, Technology and Innovation. New York, NY: Edward Elgar. This does not cover all dimensions of the subject, but would be a good starting point.
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Dr. Leyden has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Leyden, Dennis & Link, Albert, 2014. "Toward a Theory of the Entrepreneurial Process," Working Papers 14-4, University of North Carolina at Greensboro, Department of Economics.
Dr. Terjesen's comment on this article
editDr. Terjesen has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
The section could be more specific than "They are necessary inputs..."-- you mean "Factors of production..." (Done. --BaseComm (talk) 12:04, 5 January 2018 (UTC))
To me, starting with Baumol sets the tone of the article as being sort of 1990s in approach whereas actually people have been writing about economics and the entrepreneur for a very long time-- take Adam Smith's 1776 treatise Wealth of Nations for example. I like Coase (and in fact interviewed him once), but the Coase piece on economics doesn't really belong here- that's a general criticism of economics, not a criticism of the economics of entrepreneurship. In any case, the citation is needed. I believe mentions of Max Weber, K Samuelson, and Karl Marx should be linked to their biographies. There is so much more to the economic functions of the entrepreneur than these scholars. For example, there is a ton of work on topics such as the entrepreneur in a recession, the entrepreneur and economic and human development, the entrepreneur and priority on economic versus social value creation etc.
This is so disappointing.
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Dr. Terjesen has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Jan Lepoutre & Rachida Justo & Siri Terjesen & Niels Bosma, 2011. "Designing a Global Standardized Methodology for Measuring Social Entrepreneurship," Global Entrepreneurship Monitor Working Paper Series 1107, Global Entrepreneurship Research Association, revised Sep 2011.
Dr. Parker's comment on this article
editDr. Parker has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
This text peddles the outdated and incorrect view that economics has little to say about entrepreneurship. E.g. "Entrepreneurship is difficult to analyze using the traditional tools of economics e.g. calculus", "Current textbooks have only a passing reference to the concept of entrepreneurship and the entrepreneur.[citation needed] Equilibrium models are central to mainstream economics, and exclude entrepreneurship"
These statements are simply wrong. See my books "The Economics of Entrepreneurship", "The Economics of Self-Employment and Entrepreneurship", both published by Cambridge Univ Press (2009, 2004). They show how economic analysis has been brought to bear on a huge number of questions in entrepreneurship. E.g. look at the table of contents of the Economics of Entrepreneurship. There is a broader coverage of academic topics there than you will find in virtually any non-economics textbook.
The other major problem with this wiki page is that its content effectively stops in the 1960s. Yet hundreds of works on entrepreneurial economics have been published since the late 1970s, and continue to grow at an accelerating pace.
Please change the content of this page for heaven's sake!!
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Dr. Parker has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Inci, Eren & Parker, Simon C., 2012. "Financing Entrepreneurship and the Old-Boy Network," IZA Discussion Papers 6288, Institute for the Study of Labor (IZA).
Dr. Nathan's comment on this article
editDr. Nathan has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
There is a great deal of recent academic work missing from this article, although it covers the classics well. I've suggested two proper experts (as opposed to me) who I hope will be able to fill in the gaps.
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Dr. Nathan has published scholarly research which seems to be relevant to this Wikipedia article:
- Reference : Neil Lee & Max Nathan, 2013. "Cultural diversity, innovation and entrepreneurship: firm-level evidence from London," LSE Research Online Documents on Economics 52363, London School of Economics and Political Science, LSE Library.
Dr. Thisse's comment on this article
editDr. Thisse has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
Very well done. No specific comments.
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- Reference : Oyama, Daisuke & Sato, Yasuhiro & Tabuchi, Takatoshi & Thisse, Jacques-Francois, 2007. "Trade and Entrepreneurship with Heterogeneous Workers," CEPR Discussion Papers 6567, C.E.P.R. Discussion Papers.
Dr. Coad's comment on this article - DONE
editDr. Coad has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
"Early economic theory, however did not lay proper attention to the entrepreneur."
To 'lay attention' is a strange choice of words.
The article should refer to the following influential book on the Economics of Entrepreneurship
Parker, S. C. (2009). The economics of entrepreneurship. Cambridge University Press.
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We believe Dr. Coad has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference : Paul Nightingale & Alex Coad, 2013. "Muppets and Gazelles: Political and Methodological Biases in Entrepreneurship Research," SPRU Working Paper Series 2013-03, SPRU - Science and Technology Policy Research, University of Sussex.
Dr. Bonnet's comment on this article
editDr. Bonnet has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
...Equilibrium models are central to mainstream economics, and exclude entrepreneurship [(Holcombe, 1998)].[Suggestion: addition of the refeernce]
• 1 Economic functions of the entrepreneur
o [1.1 Richard Cantillon] o [1.2 Jean-Baptiste Say] o 1.3 Frank Knight o 1.4 Joseph Schumpeter o 1.5 Israel Kirzner o 1.6 Harvey Leibenstein o 1.7 William Baumol o [1.8 David Audrestch]
[Suggestion: addition of three main authors]
Economic functions of the entrepreneur[edit]
[Richard Cantillon [edit]
Richard Cantillon (1680?-1734) was the earliest scholar of whom we know that paid considerable attention to the entrepreneur (Van Praag, 2005). He introduced the very concept of entrepreneur. The entrepreneur is functionally described as arbitrager. The motivating factor is the potential profit generated from the activity of ‘buying at a certain price and selling at an uncertain price’.] [Suggestion: addition of this text]
[Jean-Baptiste Say [edit]
Jean-Baptiste Say who has been an entrepreneur during a period of his life recognizes the “superior kind of labour” of the entrepreneur. He is the “coordinator, modern leader and manager within his firm” (Van Praag, 2005). 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”, (Say [1803], 1971, pp. 330-331). To Say (1803) a successful entrepreneur must demonstrate prudence, probity and regularity.][Suggestion: addition of this text]
Frank H. Knight[edit] ....The entrepreneur earns economic profits as a reward for good judgment. Entrepreneurs are seen as being confident and venturesome [; the ability to deal with uncertainty requires a high degree of self-confidence, a disposition to act on one’s own opinion and belief in his good fortune.][Suggestion: complement of the last sentence of the paragraph]
Joseph A. Schumpeter[edit]
[For Schumpeter (1911), the innovative entrepreneur drives the growth and breaks the economic circuit otherwise indefinitely reproducible. The innovative entrepreneur diverts resources from this operating cycle, resources that will enable him to achieve his innovation.] [Suggestion: complement of the introduction then continuation of the text] Schumpeter’s concept is a synthesis etc...
[He was perhaps influenced by his family history.][citation needed] [Suggestion: remove this sentence...]
The Schumpeterian .... in mainstream economic theory. [However, the role of the entrepreneur is so much linked to growth that it seems more driven by personal characteristics and that any explanation is enclosed in the characteristic of innovation without more detailed explanation on the functioning of the market. According to Schumpeter, the entrepreneur should not feel reluctant to do something new (Van Praag, 2005). “This mental freedom ...is something peculiar and by nature rare” (Schumpeter [1911] 1939, p. 86). The entrepreneur should “be strong enough to swim against the tide of the society in which he is living” (Heertje, 1982, p. 86). He must have leadership skills, a special interest in creativity “the joy of creation”, “a taste for the competition”, the will to win “and wants to achieve a certain social distinction”.] [For successful innovations the precursor entrepreneur and imitators’ entrepreneurs will cause cyclical movements in economic activity (Schumpeter, 1939). During the cycle phases of growth, innovation waves are explained by the sectoral and chronological grouping of imitators-entrepreneurs.] [Suggestion of addition of 2 paragraphs]
Israel M. Kirzner[edit]
Israel Kirzner, an economist of the Austrian School, sees the entrepreneur as an arbitrageur who is alert to opportunities for profit which exist due to market disequilibrium. [He stresses the essential role of the entrepreneur in the process of markets equilibrium. According to him, entrepreneurial profit is a pure profit, which is not linked to the use of production factors. It comes from simultaneous decision-making to purchase and sell following the discovery of advantageous price differences, the existence of which is based on the ignorance of the agents about the precise demand and supply. Kirzner (1979, 1985) retains the ability of alertness for defining the entrepreneurial function. It is the ability to perceive opportunities for profit for new needs or to offer products best suited to the tastes of consumers. These opportunities are seized by entrepreneurs because: “If one has become sufficiently alerted to the existence of an opportunity –that is, one has become sufficiently convinced regarding the facts of a situation- it becomes virtually impossible to imagine not taking advantage of the opportunity so discovered”, (Kirzner, [1985], p.22). Profit opportunities, up until then ignored by economic agents, cannot be discovered by the sole setting of specific investments, they depend primarily on private individuals’ capacities and especially on their alertness.The alertness acts thus positively on the coordination of plans of supply and demand in the market which is a process in perpetual adjustment where the building of the needs, preferences and production plans are themselves inseparable from interaction, demonstration and learning’s effects (Heertje, 1979).] [Suggestion: complement of the first and unique sentence with a citation]
Harvey Leibenstein[edit]
[Leibenstein (1968) provides a useful description of these capacities by listing the different roles the entrepreneur exercises (Amit, Glosten, Muller, 1990). He is the one who connects different markets (buyers and sellers) across different geographical areas. He is a gap filler in providing, for example, private information for which there is no market, an input completer when he gathers all the resources to produce and market a product. Finally “he creates and is responsible for time-binding, implicit or explicit contractual arrangements or input-transforming organizational structures” (Leibenstein, H. (1968), p.75). ] [Complement of the Introduction of Harvey Leibenstein, before the first sentence and then continuation of the text] Harvey Leibenstein claimed that entrepreneurship etc...
[Willam J.] Baumol[edit][Suggestion: addition of the first name]
....such as the laws in each society. [According to Baumol (2010, p. 15), while the schumpeterian entrepreneur destroys all equilibrium, the kirznerian entrepreneur tends to reequilibrate the market. Kirzner (2009, p. 10) tries a synthesis of the two approaches: “... all these price differentials (both attributable to Schumpeterian creativity and those present in the simplest of arbitrage contexts) can and should be seen as examples of entrepreneurial arbitrage activity. Such activity drives prices systematically in directions tending to eliminate the price differentials (i.e., the opportunities for pure profit) which are, always, the sparks which ignite entrepreneurial attention, drive, and creativity”.] [Suggestion: complement of the first and unique sentence]
[David Audretsch[edit]
Audretsch et al. (2006) define the entrepreneur as the missing link between investment in knowledge and growth. That is the entrepreneur, who adds value to scientific discovery. Entrepreneurship capital is then, just as capital and labor in a macroeconomic model, an essential factor of production in the economy. Acs, Audretsch and Lehman (2013), in their recent Knowledge Spillover Theory of Entrepreneurship (KSTE), highlight the importance of the local combination of entrepreneurs and knowledge disseminated mainly by universities and research centers: “The ability to transform knowledge into economic knowledge involves not only a set of skills and insights, but also local proximity to the source of the knowledge”.] [Suggestion: Addition of David Audretsch as a main author]
[• Acs, Z.J., Audretsch, D., and E.E. Lehman, (2013). The Knowledge Spillover Theory of Entrepreneurship. Small Business Economics, 41 : 757-774. • Audretsch, D., M. Keilbach and E. Lehmann, (2006). Entrepreneurship and Economic Growth. Oxford University Press. • Baumol, W., 2010, The Microtheory of innovative Entrepreneurship, Princeton University Press, 246 pages. • Bonnet, J. (2016), From Knowledge to Innovation Economy: Developing Education and Creating Entrepreneurial Ecosystems, WP 2016-02, Janvier, CREM, UMR CNRS 6211, https://ideas.repec.org/p/tut/cremwp/2016-02.html. • Bonnet, J., (2008), The entrepreneurial decision-making: a complex choice where taste, risk, endowments, necessity, opportunity, personals traits and behaviour matter, WP 2008-01, Janvier, CREM, UMR CNRS 6211, https://ideas.repec.org/p/tut/cremwp/200801.html. • Cantillon, R. (1757, reediting by INED in 1951 and 1995). Essai sur la Nature du Commerce en Général. ..... • Heertje A., (1979), Economie et progrès technique, Aubier recherches économiques et sociales. • Heertje, A. (1982), ‘Schumpeter’s model of the decay of Capitalism’, Chapter 5 in H. Frisch (ed.), Schumpeterian Economics, Sussex, UK: Praeger Publishers. • Holcombe Randall, (1998), Entrepreneurship and Economic Growth, Quarterly Journal of Austrian Economics, Volume 1, No. 2 (Summer 1998). • Kirzner, I.M., (2009), “The alert and creative Entrepreneur: a clarification”, Small Business Economics, vol.32, n°2, February, 145-152. • Kirzner I. M., (1985), Discovery and the Capitalist Process, The University of Chicago Press. • Kirzner I. M., (1979), Perception, Opportunity, and Profit, The University of Chicago Press. • Knight F.H., (1921), Risk, Uncertainty and Profit, Boston, MA: Hart, Schaffner & Marx; Houghton Mifflin Co, 1st edition based on award-winning dissertation essay. Palgrave Macmillan. • Leibenstein, H. (1968). Entrepreneurship and development. American Economic Review, 58(2), 72-83. • Say, J.B. (1971), A Treatise on Political Economy or the Production, Distribution and Consumption of Wealth, New York, US: A.M. Kelley Publishers (first edition 1803). • Schumpeter, J., (1939), Business Cycles. Mc Graw-Hill, New- York and London. • Schumpeter, J., (1934) -1st edition 1911-, The theory of economic development. Cambridge Mass., US: Harvard University Press. ..... • Van Praag. M., (2005), A classical thought on entrepreneurship: Successful Entrepreneurship: Confronting Economic Theory with Empirical Practice, Edward Elgar publishing. .....
] [Suggestion: Addition of references]
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We believe Dr. Bonnet has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference 1: Rafik Abdesselam & Jean Bonnet & Patricia Renou-Maissant & Mathilde Aubry, 2014. "What happened to entrepreneurial economies after the financial crisis? An empirical study of OECD countries," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201416, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
- Reference 2: Jean Bonnet, 2012. "Entrepreneurship and Economic Development," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201204, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.