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
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.
Why do business firms exist? Do firms substitute for the market or complement the market? Why do firms buy some inputs but make others?These are basic economic questions.
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.
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,
Modern libertarian thought is essentially deductive in character.
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.
It is to some extent heartening to know that economists are once again concerned with entrepreneurship and its role in economic life.
This paper contends that Adam Smith meant what he said; human nature is ennobled by the cultivation of its lands, the advancement of its manufactur
