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Smith, Bentham, and the Development of Contrasting Ideas on Entrepreneurship

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  • Enzo Pesciarelli

Abstract

A comparative reading of The Wealth of Nations and of The Theory of Moral Sentiments has made it possible to identify the characteristics of Smith's 'undertaker', and to reveal the irreconcilable nature of these with those that Bentham ascribed to 'projectors'. In particular, Smith developed a multi-functional theory of entrepreneurship, although his analysis essentially focused on the undertaker as risk-bearer. By contrast, Bentham developed a mono-functional theory, one based on the revolutionary concept of the 'innovator' or 'creative entrepreneur'. And it also transpires that he anticipated - sometimes in an extremely surprising fashion - many of the components of Schumpeter's analysis of the subject.
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  • Enzo Pesciarelli, 1989. "Smith, Bentham, and the Development of Contrasting Ideas on Entrepreneurship," History of Political Economy, Duke University Press, vol. 21(3), pages 521-536, Fall.
    • Handle: RePEc:hop:hopeec:v:21:y:1989:i:3:p:521-536
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    Cited by:

    1. Diesel, Jonathon, 2021. "Adam Smith on usury: An esoteric reading," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 727-738.
    2. Annie L. Cot, 1996. "Une utopie utilitariste : Jeremy Bentham et les colonies," Cahiers d'Économie Politique, Programme National Persée, vol. 27(1), pages 193-210.
    3. Nathalie Sigot, 1993. "« Be quiet », mais modérément : le rôle de l'État dans la pensée économique de Jeremy Bentham," Revue Économique, Programme National Persée, vol. 44(1), pages 23-50.
    4. Teece, David J., 2016. "Dynamic capabilities and entrepreneurial management in large organizations: Toward a theory of the (entrepreneurial) firm," European Economic Review, Elsevier, vol. 86(C), pages 202-216.
    5. Peter Hans Matthews & Andreas Ortmann, 2002. "An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 379-392.

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