Entrepreneurship: Productive, Unproductive, and Destructive
William Baumol ()
Journal of Political Economy, 1990, vol. 98, issue 5, 893-921
The basic hypothesis is that, while the total supply of entrepreneurs varies among societies, the productive contribution of the society's entrepreneurial activities varies much more because of their allocation between productive activities, such as innovation, and largely unproductive activities, such as rent seeking or organized crime. This allocation is heavily influenced by the relative payoffs society offers to such activities. This implies that policy can influence the allocation of entrepreneurship more effectively than it can influence its supply. Historical evidence from ancient Rome, early China, and the Middle Ages and Renaissance in Europe is used to investigate the hypotheses. Copyright 1990 by University of Chicago Press.
References: Add references at CitEc
Citations: View citations in EconPapers (1098) Track citations by RSS feed
Downloads: (external link)
http://dx.doi.org/10.1086/261712 full text (application/pdf)
Access to full text is restricted to subscribers. See http://www.journals.uchicago.edu/JPE for details.
Journal Article: Entrepreneurship: Productive, unproductive, and destructive (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ucp:jpolec:v:98:y:1990:i:5:p:893-921
Access Statistics for this article
More articles in Journal of Political Economy from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().