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Context Matters: Institutions and Entrepreneurship

Peter Boettke () and Christopher Coyne

Foundations and Trends(R) in Entrepreneurship, 2009, vol. 5, issue 3, 135-209

Abstract: This survey explores the important connection between institutions and entrepreneurship. Institutions consist of the formal and informal "rules of the game." Entrepreneurs act within a context determined by these rules. The rules of the game create payoffs that make certain entrepreneurial opportunities more attractive than others. We explore the relevant literature from institutional economics and entrepreneurial studies, focusing on the important link between the two. Particular emphasis is placed on entrepreneurship within several different institutional settings — private for-profit, private nonprofit, and political — as well as the impact of entrepreneurship on institutions. We conclude by discussing the implications for future research on the topic.

Keywords: Institutional economics; Social entrepreneurship; Political entrepreneurship; Entrepreneurship; Institutional economics; Austrian economics (search for similar items in EconPapers)
Date: 2009
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