A Subjectivist Theory of Entrepreneurship

Joseph Mahoney and Steven Michael
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Joseph Mahoney: U of Illinois at Urbana-Champaign
Steven Michael: U of Illinois at Urbana-Champaign

Working Papers from University of Illinois at Urbana-Champaign, College of Business

Abstract: The current neoclassical synthesis of economic theory does not contain a role for the entrepreneur and entrepreneurial activity. In this paper we argue that such a role can be reintroduced into the economic foundations of strategy by adopting a subjectivist theory of entrepreneurship. A subjectivist theory focuses on individuals (subjects), on their knowledge, capabilities, and resources, and on the processes of discovery and creativity that constitute the heart of entrepreneurship. To begin the development of a subjectivist theory of entrepreneurship within the context of dynamic resource-based theory, we examine the thought of Edith Penrose (1959) to suggest strategic issues that invite closer examination, and we then conclude with suggested directions for further research.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:illbus:04-0104

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