Introduction to Entrepreneurship

Keith S. Glancey and Ronald McQuaid

Chapter 1 in Entrepreneurial Economics, 2000, pp 3-19 from Palgrave Macmillan

Abstract: Abstract Entrepreneurial Economics considers the role of entrepreneurship and entrepreneurs in economic theory. Economic theory helps to provide insights into the wide variety of behaviour of different producers, consumers and markets, and how each of these changes over time. A key component of these is the role of entrepreneurship. As the economist William Baumol has argued, much of traditional neoclassical economics considered the three key factors of production in economic theory to be land, labour and capital, but this neglected the role of the individual and of entrepreneurship in the economy and in the competitiveness of organizations. Earlier classical economists, such as Adam Smith, had also recognized the importance of entrepreneurship and many economists now add a fourth factor of production, entrepreneurship — the focus of this book.

Keywords: Small Business; Entrepreneurial Activity; Social Entrepreneur; Neoclassical Economic; Entrepreneurial Behaviour (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-98124-5_1

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DOI: 10.1057/9780333981245_1

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