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Is Neoclassical Economics still Entrepreneurless?

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Author Info
Milo Bianchi
Magnus Henrekson

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Abstract

The paper reviews and evaluates some recent contributions on modeling entrepreneurship within a neoclassical framework, analyzing how, and to what extent, the fundamental ingredients suggested in the social science literature were captured. It is shown how these approaches are important in stressing the main elements of a complex picture, without being able to fully describe it. Each modeling attempt focuses only on one specific feature of entrepreneurship, and the entrepreneurial function, broadly perceived, eludes analytical tractability. As a consequence, the models can be useful in analyzing the effect of entrepreneurial behavior at an aggregate level, but not at explaining individual choices. From these observations, it is highlighted how a simplistic interpretation of the existing mainstream approaches incorporating entrepreneurship runs the risk of leading to distortionary policy interventions. Copyright 2005 Blackwell Publishing Ltd..

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Article provided by Blackwell Publishing in its journal Kyklos.

Volume (Year): 58 (2005)
Issue (Month): 3 (07)
Pages: 353-377
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Handle: RePEc:bla:kyklos:v:58:y:2005:i:3:p:353-377

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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Marco Caliendo & Alexander S. Kritikos, 2007. "Is Entrepreneurial Success Predictable? An Ex-Ante Analysis of the Character-Based Approach," IZA Discussion Papers 2687, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  2. Fabrizi, Simona & Lippert, Steffen & Norback, Pehr-Johan & Persson, Lars, 2007. "Venture Capitalists, Asymmetric Information and Ownership in the Innovation Process," MPRA Paper 6265, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  3. Yong Yik Wei & Aekapol Chongvilaivan & Chew Jing Yang, 2008. "Alternative Approaches to the Development of Early Childhood Education in Singapore," SCAPE Policy Research Working Paper Series 0808, National University of Singapore, Department of Economics, SCAPE. [Downloadable!]
  4. Magnus Henrekson & Anders Lundström, 2009. "The Global Award for Entrepreneurship Research," Small Business Economics, Springer, vol. 32(1), pages 1-14, January. [Downloadable!] (restricted)
    Other versions:
  5. Norbäck, Pehr-Johan & Persson, Lars, 2004. "The Organization of the Innovation Industry: Entrepreneurs, Venture Capitalists, and Oligopolists," Working Paper Series 626, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
  6. Norbäck, Pehr-Johan & Persson, Lars & Vlachos, Jonas, 2006. "Entrepreneurial Innovations, Competition and Competition Policy," Working Paper Series 670, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
  7. Henrekson, Magnus, 2002. "Entrepreneurship: A Weak Link in the Welfare State," Working Paper Series in Economics and Finance 518, Stockholm School of Economics, revised 04 Mar 2005. [Downloadable!]
    Other versions:
  8. Christian Bjørnskov & Nicolai Foss, 2008. "Economic freedom and entrepreneurial activity: Some cross-country evidence," Public Choice, Springer, vol. 134(3), pages 307-328, March. [Downloadable!] (restricted)
    Other versions:
  9. Milo Bianchi, 2008. "Financial development, entrepreneurship and job satisfaction," PSE Working Papers 2008-59, PSE (Ecole normale supérieure), revised Feb 2009. [Downloadable!]
  10. Philipp Weinschenk, 2009. "Persistence of Monopoly and Research Specialization," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2009_11, Max Planck Institute for Research on Collective Goods. [Downloadable!]
  11. Douhan, Robin & Henrekson, Magnus & Eliasson, Gunnar, 2006. "Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship," Working Paper Series 678, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
  12. Bianchi, Milo, 2009. "Credit Constraints, Entrepreneurial Talent, and Economic Development," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
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