Beggars and horseless: entrepreneurial origins of organizations and markets

Saras Sarasvathy

Chapter 4 in Elgar Companion to Herbert Simon, 2024, pp 57-76 from Edward Elgar Publishing

Abstract: Herbert Simon supervised my doctoral dissertation that spelled out the baseline of entrepreneurial expertise, now known under the rubric of effectuation. In this chapter, I share several insightful conversations with Simon while summarizing the content and history of over two decades of work on effectual logic. I show how effectuation offers an “even-if” alternative to Milton Friedman’s arguments about the sufficiency of predictive models that espouse an “as-if” logic. I also relate the effectual process to topics of interest in the economics of entrepreneurship, ranging from overconfidence bias, occupational choice, opportunity costs and opportunism.

Keywords: Business and Management; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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