The entrepreneur is a key figure in the market economy. In a dynamic economy, ideas, products, and services are constantly changing. Entrepreneurship, broadly defined, refers to actions of individuals as they strive to cope with constantly changing market conditions.1 When viewed in this way, all market participants-consumers, producers, and investors-engage in entrepreneurial activity.
E.C. Pasour Jr.
Ernest C. Pasour Jr. is Professor Emeritus of Agricultural and Resource Economics at North Carolina State University. He received his Ph.D. in agricultural economics from Michigan State University, and he is the author of the Independent Institute books, Plowshares & Pork Barrels: The Political Economy of Agriculture (with Randy Rucker) and Agriculture and the State: Market Processes and Bureaucracy.
