ENTREPRENEURSHIP AND ECONOMIC GROWTH: RE ACTUALIZATION OF THE ROLE OF ENTREPRENEURSHIP IN GLOBAL ECONOMY

Dejan Kruzic
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Dejan Kruzic: University of Split

Economic Thought and Practice, 2007, vol. 16, issue 2, 167-192

Abstract: The paper investigates the process of re actualization of the role of entrepreneurship in global economy. Under the influence of global economy changes, the position of the entrepreneurship has been drastically altered – the entrepreneurship is increasingly seen as a generator of the economic growth. The exhaustion of most of the types of the economic and social protection, which were ensured in the economies of prosperity countries, indicates the fact that the era of looking for new solutions has begun, and that the new solutions are mainly focused on the entrepreneurship and its role in the economic growth and the development of society. This is why this paper is directed towards the conceptualization of the entrepreneurship model and the economic growth. Having understood the importance of entrepreneurship for the economic growth, many countries have recognized entrepreneurship as a vital element of their development. This paper also deals with the correlation between human creativity and entrepreneurship, which is essential for the inputs to be combined in a profitable way. The importance of the institutional surroundings in the stimulation and encouragement of the entrepreneurs is also pointed out. Having become one of the key factors to success, the entrepreneurs generate new products, implement new technologies, develop and innovate new services, contribute to the economic growth and development, as well as to the increase of a general welfare of the countries they operate in.

Keywords: entrepreneurship; economic growth; creational destruction; entrepreneur economy (search for similar items in EconPapers)
JEL-codes: M13 (search for similar items in EconPapers)
Date: 2007
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