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The Impossibility of Entrepreneurship Under the Neoclassical Framework: Open vs. Closed-Ended Processes

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  • Gabriel A. Giménez Roche

Abstract

In spite of its use to explain market processes, neoclassical economics still has not integrated entrepreneurship into its analyses. This explanatory gap is the consequence of the analytical closed-endedness of the “market” processes described by the neoclassical framework, where social interactions do not result in new unpredictable information. However, entrepreneurship as profit-seeking under uncertainty is an open-ended process characterized by a creatively reflexive and emergent interactive behavior in society. This open-endedness involves the generation of novel, complex, and extensive future information that is not what anyone intended it to be. Neoclassical economics, with its predetermined assumptions on economic behavior, cannot really account for the fundamental uncertainty of open-ended processes because it cannot explain reflexivity or emergence. Therefore, it cannot explain entrepreneurship as either an innovatively cohesive or disruptive behavior that converges toward future market situations.

Suggested Citation

  • Gabriel A. Giménez Roche, 2016. "The Impossibility of Entrepreneurship Under the Neoclassical Framework: Open vs. Closed-Ended Processes," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(3), pages 695-715, July.
    • Handle: RePEc:mes:jeciss:v:50:y:2016:i:3:p:695-715
    DOI: 10.1080/00213624.2016.1210378
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    Cited by:

    1. Gabriel A. Giménez Roche & Didier Calcei, 2021. "The role of demand routines in entrepreneurial judgment," Small Business Economics, Springer, vol. 56(1), pages 209-235, January.

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