If entrepreneurship remains as important to the economy as ever,
then the continuing failure of mainstream economics to adequately
account for entrepreneurship indicates that fundamental principles
require re-evaluation. It seems no longer possible to expect that
only theoretical refinements and extending known principles can
provide for a theory of entrepreneurship. The articles in this book
provide interesting new ideas and insights on a theory of
entrepreneurship in the economy (W.J. Baumol, D.B. Audretsch, A.V.
Bhide) in part one, and interesting recent research on
entrepreneurship in part two.
In his article A. Heertje writes that: ???It is interesting to note
that in the aftermath of the Schumpeter revival, since the eighties
of last century our field observes the emergence of entrepreneurial
economics. Several threads come together. Economic theory
substituted the paradigm of perfect knowledge for imperfect
information, developed a more refined analysis of risk and
uncertainty in economic life and the theory of games provided the
framework for the analysis of strategic behaviour in general. The
theory of industrial organisation entered a higher level of
sophistication and chaos theory as part of economic dynamics helped
to transform verbal Schumpeterian ideas and intuitions into a
refined mathematical structure. Also the application of insights
from theoretical physics, like thermodynamics and entropy are very
promising. These developments have brought the modern entrepreneur
of flesh and blood, being embedded in a global world of enduring
technical change, uncertain challenges, threats and opportunities
in the forefront of advanced economic analysis???.
Wedo hope that this book contributes to the emergence of the
Entrepreneurial Economics field, or school of thought, in which the
study of patterns in the complex, seemingly chaotic and
unpredictable process of entrepreneurship and its role in the
economy stands central.
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