Entrepreneurship and the Theory of the Firm

Mark Casson

No em-dp2004-07, Economics Discussion Papers from Department of Economics, University of Reading

Abstract: Entrepreneurship is a missing component of several leading theories of the firm. Entrepreneurship is key to the growth and survival of firms in a volatile environment, because ent repreneurial judgement is necessary to success in making complex decisions under uncertainty. The addition of entrepreneurship is not a minor refinement of the theory of the firm, but represents a radical change. The paper summarises the principle changes. It suggests that the introduction of entrepreneurship can facilitate the development of an integrated synthetic theory of the firm.

Keywords: Firm; Entrepreneur; Information Volatility (search for similar items in EconPapers)
Pages: 24 pages
Date: 2004-03
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