Why Innovations Have to Overcome Routine

Peter Kesting ()
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Peter Kesting: HHL-Leipzig Graduate School of Management, Leipzig

History of Economic Ideas, 2007, vol. 15, issue 1, 159-178

Abstract: This paper argues why it is useful to build a theory of entrepreneurship based on a concept of routine. In particular, this paper offers two reasons : First, routine theory provides a convincing decision theoretic foundation for entrepreneurship and its dichotomous distinction from « ordinary production ». Second, in contrast to traditional decision theory, routine theory is capable of producing the main characteristics that Schumpeter as well as many evolutionary economists have assigned to entrepreneurship, such as path dependencies, ignorance and learning, and the meaning of personality traits like leadership potential for entrepreneurship.

Date: 2007
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