An authoritative look at the microeconomics of entrepreneurship
Entrepreneurs are widely recognized for the vital contributions they
make to economic growth and general welfare, yet until fairly recently
entrepreneurship was not considered worthy of serious economic study.
Today, progress has been made to integrate entrepreneurship into
macroeconomics, but until now the entrepreneur has been almost
completely excluded from microeconomics and standard theoretical
models of the firm. The Microtheory of Innovative Entrepreneurship
provides the framework for introducing entrepreneurship into
mainstream microtheory and incorporating the activities of
entrepreneurs, inventors, and managers into standard models of the
firm. William Baumol distinguishes between the innovative
entrepreneur, who comes up with new ideas and puts them into practice,
and the replicative entrepreneur, which can be anyone who launches a
new business venture, regardless of whether similar ventures already
exist. Baumol puts forward a quasi-formal theoretical analysis of the
innovative entrepreneur's influential role in economic life. In doing
so, he opens the way to bringing innovative entrepreneurship into the
accepted body of mainstream microeconomics, and offers valuable
insights that can be used to design more effective policies. The
Microtheory of Innovative Entrepreneurship lays the foundation for a
new kind of microtheory that reflects the innovative entrepreneur's
importance to economic growth and prosperity.
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Produktdetaljer
ISBN
9781400835225
Publisert
2013
Utgiver
Vendor
Princeton University Press
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter