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A Simple Model of Entrepreneurship for Principles of Economics Courses

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  • Frank R. Gunter

Abstract

The critical roles of entrepreneurs in creating, operating, and destroying markets, as well as their importance in driving long-term economic growth are still generally either absent from principles of economics texts or relegated to later chapters. The primary difficulties in explaining entrepreneurship at the principles level are the lack of a universally accepted definition, a plausible explanation of the demand for entrepreneurship, and a diagram that summarizes the impact of entrepreneurship on market equilibrium and growth—a definition, a story, and a picture. This article discusses how the notion of the stationary state associated with Schumpeter (1911/1983), Knight (1921/1971), and Weber (1930/2002) can provide a framework for integrating the entrepreneur into the early part of principles of economics courses.

Suggested Citation

  • Frank R. Gunter, 2012. "A Simple Model of Entrepreneurship for Principles of Economics Courses," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(4), pages 386-396, October.
    • Handle: RePEc:taf:jeduce:v:43:y:2012:i:4:p:386-396
    DOI: 10.1080/00220485.2012.714314
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    References listed on IDEAS

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    1. Sameeksha Desai & Zoltan J. Acs & Utz Weitzel, 2013. "A Model of Destructive Entrepreneurship," Journal of Conflict Resolution, Peace Science Society (International), vol. 57(1), pages 20-40, February.
    2. David B. Audretsch (ed.), 2006. "Entrepreneurship, Innovation and Economic Growth," Books, Edward Elgar Publishing, number 4130.
    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.
    4. John C. Haltiwanger & Ron S. Jarmin & Javier Miranda, 2010. "Who Creates Jobs? Small vs. Large vs. Young," NBER Working Papers 16300, National Bureau of Economic Research, Inc.
    5. Audretsch, David B. & Keilbach, Max C. & Lehmann, Erik E., 2006. "Entrepreneurship and Economic Growth," OUP Catalogue, Oxford University Press, number 9780195183511.
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    Cited by:

    1. Jonathan H. Reed, 2022. "Operational and strategic change during temporary turbulence: evidence from the COVID-19 pandemic," Operations Management Research, Springer, vol. 15(1), pages 589-608, June.
    2. Frank R. Gunter, 2013. "The Political Economy of Iraq," Books, Edward Elgar Publishing, number 14293.

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