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The substance of entrepreneurship and the entrepreneurship of substances

Author

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  • Raymond J. March
  • Adam G. Martin
  • Audrey Redford

Abstract

Purpose - – The purpose of this paper is to clarify the distinctions and complementary of William Baumol and Israel Kirzner’s classifications of and insights into entrepreneurship, and thus providing a more complete taxonomy of the substance of entrepreneurial activity. This paper also attempts to clarify distinctions between unproductive and destructive entrepreneurship. Design/methodology/approach - – This paper illustrates a more complete taxonomy of the substance of entrepreneurial activity by examining entrepreneurial innovation in drug markets both legal and illegal, identifying cases of productive, unproductive, superfluous, erroneous, destructive, and protective entrepreneurship. Findings - – This paper finds that the classifications of entrepreneurship (productive, superfluous, unproductive, erroneous, protective and destructive) put forth by Baumol, Kirzner, and the institutional entrepreneurship literature are complementary. While Baumol seeks to explain the disequilibrating tendencies of entrepreneurship, Kirzner seeks to explain the equilibrating tendencies of entrepreneurship within the institutional context. Originality/value - – This paper utilizes case studies from legal and illegal drug markets to uniquely and better explain the six cases of entrepreneurship. This paper also contributes to the literature by clearly articulating the complementarity of Baumolian and Kirznerian entrepreneurship.

Suggested Citation

  • Raymond J. March & Adam G. Martin & Audrey Redford, 2016. "The substance of entrepreneurship and the entrepreneurship of substances," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(2), pages 201-220, August.
    • Handle: RePEc:eme:jepppp:v:5:y:2016:i:2:p:201-220
    DOI: 10.1108/JEPP-10-2015-0030
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    References listed on IDEAS

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    1. Demsetz, Harold, 1982. "Barriers to Entry," American Economic Review, American Economic Association, vol. 72(1), pages 47-57, March.
    2. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    3. Magnus Henrekson & Robin Douhan (ed.), 2008. "The Political Economy of Entrepreneurship," Books, Edward Elgar Publishing, volume 0, number 3704.
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    Cited by:

    1. March, Raymond J. & Geloso, Vincent, 2020. "Gordon Tullock meets Phineas Gage: The political economy of lobotomies in the United States," Research Policy, Elsevier, vol. 49(1).
    2. Joseph Chikwendu Ezennia & Emmanuel Mutambara, 2020. "Sociological factors influencing the success of African immigrant-owned micro businesses in South Africa," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(1), pages 972-982, September.
    3. Audrey Redford, 2020. "Property rights, entrepreneurship, and economic development," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 139-161, March.

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