Quarterly Journal of Austrian Economics

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Progress and Entrepreneurship

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Tags The EntrepreneurEntrepreneurship

07/30/2014Randall G. Holcombe

 

Volume 6,  No. 3 (Fall 2003)

 

This article describes how theories of entrepreneurship can be completely incorporated into a model of the competitive process to show that entrepreneurship is the engine of economic progress, to show that entrepreneurship is necessary for firms to survive in competitive markets, and to show that product differentiation is one of the competitive strategies that produces economic progress. The result is not a steady-state competitive equilibrium, nor would such a result be optimal. The result is a competitive process where firms continually improve their production processes and the characteristics of their output in order to remain competitive, and this process results in continual economic progress.

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Contact Randall G. Holcombe

Randall G. Holcombe is an Associated Scholar of the Mises Institute, DeVoe Moore Professor of Economics at Florida State University, past President of the Public Choice Society, and past President of the Society for the Development of Austrian Economics. He received his Ph.D. in economics from Virginia Tech, and has taught at Texas A&M University and Auburn University. Dr. Holcombe is also Senior Fellow at the James Madison Institute and was a member of the Florida Governor’s Council of Economic Advisors. His books include From Liberty to Democracy: The Transformation of American Government (2002), Producing Prosperity (2013), and Political Capitalism: How Economic and Political Power Is Made and Maintained (2018). His primary areas of research are public finance and the economic analysis of public policy issues.

Cite This Article

Holcombe, Randall G. "Progress and Entrepreneurship." The Quarterly Journal of Austrian Economics 6, No. 3 (Fall 2003): 3–26.

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