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Principles of Economics Without the Prince of Denmark

Author

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  • Barbara J. Phipps
  • Robert J. Strom
  • William J. Baumol

Abstract

In most introductory textbooks on principles of economics, discussion of the theory or practice of entrepreneurship is almost entirely absent. This omission is striking, given the important role in economic growth that economists assign to the entrepreneur. While there are plausible explanations for this omission, new research suggests the beginnings of a body of formal microtheory on innovative entrepreneurship. In this article, the authors first review treatment of the entrepreneur in the latest editions of three commonly used introductory economics textbooks, each of which includes a substantive discussion of entrepreneurship. Second, the authors present brief overviews of new microtheories of entrepreneurship (Parker 2009; Spulber 2009; and Baumol 2010), each of which has potential to serve as inspiration and to provide a framework for inclusion of entrepreneurship in introductory microtheory.

Suggested Citation

  • Barbara J. Phipps & Robert J. Strom & William J. Baumol, 2012. "Principles of Economics Without the Prince of Denmark," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(1), pages 58-71, January.
    • Handle: RePEc:taf:jeduce:v:43:y:2012:i:1:p:58-71
    DOI: 10.1080/00220485.2012.636711
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    References listed on IDEAS

    as
    1. Parker,Simon C., 2009. "The Economics of Entrepreneurship," Cambridge Books, Cambridge University Press, number 9780521728355, March.
    2. Parker,Simon C., 2009. "The Economics of Entrepreneurship," Cambridge Books, Cambridge University Press, number 9780521899604, March.
    3. William J. Baumol, 2013. "The Microtheory of Innovative Entrepreneurship," Journal of Economic Sociology, National Research University Higher School of Economics, vol. 14(3), pages 96-108.
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    Cited by:

    1. Dalton, John & Logan, Andrew, 2019. "A Vision for a Dynamic World: Reading Capitalism, Socialism and Democracy for Today," MPRA Paper 95012, University Library of Munich, Germany.
    2. John T. Dalton & Andrew J. Logan, 2020. "Using the movie Joy to teach innovation and entrepreneurship," The Journal of Economic Education, Taylor & Francis Journals, vol. 51(3-4), pages 287-296, August.
    3. Magnus Henrekson & Mikael Stenkula, 2022. "William J. Baumol: Innovative Contributor to Entrepreneurship Economics," Research in the History of Economic Thought and Methodology, in: Research in the History of Economic Thought and Methodology: Including a Symposium on the Work of William J. Baumol: Heterodox Inspirations and Neocla, volume 40, pages 107-131, Emerald Group Publishing Limited.
    4. William Stull, 2014. "Taking the Plunge: Teaching the Microeconomics of Entrepreneurship," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(2), pages 139-150, May.
    5. Dalton, John T. & Logan, Andrew J., 2022. "The Man Who Discovered Capitalism: A documentary on Schumpeter for use in the classroom," International Review of Economics Education, Elsevier, vol. 41(C).
    6. John T. Dalton & Andrew J. Logan, 2022. "Teaching and learning Schumpeter: A dialogue between professor and student," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(2), pages 235-256, June.
    7. Dan Johansson & Arvid Malm, 2017. "Economics Doctoral Programs Still Elide Entrepreneurship," Econ Journal Watch, Econ Journal Watch, vol. 14(2), pages 196–217-1, May.

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