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The engine of capitalist process: entrepreneurs in economic theory

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  • Robert L. Formaini

Abstract

Market economies rely on entrepreneurs as their driving force. In this article, Robert Formaini examines why entrepreneurs are important for us today. He traces the history of the concept of entrepreneurship in economic theory, showing how the concept's popularity has varied greatly since its first use. Formaini seeks to examine the concept's development as one of the key explanatory variables for profit, economic growth, and income differentials. Finally, he investigates the policy implications of adopting different views of entrepreneurs.

Suggested Citation

  • Robert L. Formaini, 2001. "The engine of capitalist process: entrepreneurs in economic theory," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 2-11.
    • Handle: RePEc:fip:fedder:y:2001:i:qiv:p:2-11
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    File URL: https://www.dallasfed.org/~/media/documents/research/efr/2001/efr0104a.pdf
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    Citations

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    Cited by:

    1. Jason Henderson, 2002. "Building the rural economy with high-growth entrepreneurs," Economic Review, Federal Reserve Bank of Kansas City, vol. 87(Q III), pages 45-70.
    2. Rosa Elvira Campos Álvarez & José G. Vargas-Hernández & Gabriela Noemí Figueroa Ibarra & María Elena Sandoval López, 2013. "Entrepreneurial Abilities Development at Universities: The Case of Polytechnic University of Zacatecas, Mexico," International Journal of Management, Knowledge and Learning, International School for Social and Business Studies, Celje, Slovenia, vol. 2(2), pages 243-254.
    3. Szaban Jolanta & Skrzek-Lubasińska Małgorzata, 2018. "Self-Employment and Entrepreneurship: A Theoretical Approach," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 26(2), pages 89-120, June.
    4. Sid Durbin, 2004. "Review of Workplace Skills, Technology Adoption and Firm Productivity: A Review," Treasury Working Paper Series 04/16, New Zealand Treasury.

    More about this item

    Keywords

    Economic history; Capitalism;

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