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A Human Capital Approach to Entrepreneurial Capacity

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  • Otani, Kiyoshi
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    Abstract

    Entrepreneurial capacity is said to determine the long-run size of the firm. However, it is either a black box or a gift, an exogenous parameter which is beyond economic explanation. This paper formulates the concept as a kind of human capital on the basis of the classical works of Hayek (1945) and Coase (1937, 1960). It then shows that the firm neither expands infinitely, nor shrinks into a negligible entity. Further, the concept is shown to predict that accumulation of physical capital in the economy promotes growth in the average size of firms, as usually observed. Lucas (1978) derives the same prediction, but his reason for it is different. Copyright 1996 by The London School of Economics and Political Science.

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    Bibliographic Info

    Article provided by London School of Economics and Political Science in its journal Economica.

    Volume (Year): 63 (1996)
    Issue (Month): 250 (May)
    Pages: 273-89

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    Handle: RePEc:bla:econom:v:63:y:1996:i:250:p:273-89

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    Cited by:
    1. Nathalie Greenan & Emmanuelle Walkowiak, 2005. "Informatique, organisation du travail et intéractions sociales," Econometrics 0505008, EconWPA.
    2. Deniz Ucbasaran & Paul Westhead & Mike Wright, 2008. "Opportunity Identification and Pursuit: Does an Entrepreneur’s Human Capital Matter?," Small Business Economics, Springer, vol. 30(2), pages 153-173, February.
    3. Nathalie Greenan & Emmanuelle Walkowiak, 2006. "Information Technology, Work Organisation and Social Interactions," Economie et Statistique, Institut National de la Statistique et des Etudes Economiques, vol. 387, pages 35-63, May.
    4. Edward P. Lazear, 2005. "Entrepreneurship," Journal of Labor Economics, University of Chicago Press, vol. 23(4), pages 649-680, October.
    5. Ferrante, Francesco & Sabatini, Fabio, 2007. "Education, social capital and entrepreneurial selection in Italy," MPRA Paper 2451, University Library of Munich, Germany.
    6. Minniti, Maria, 2004. "Entrepreneurial alertness and asymmetric information in a spin-glass model," Journal of Business Venturing, Elsevier, vol. 19(5), pages 637-658, September.
    7. Levesque, Moren & Minniti, Maria, 2006. "The effect of aging on entrepreneurial behavior," Journal of Business Venturing, Elsevier, vol. 21(2), pages 177-194, March.
    8. Philipp Köllinger & Maria Minniti & Christian Schade, 2005. "Entrepreneurial Overconfidence: Evidence from a C.A.R.T. Approach," Discussion Papers of DIW Berlin 465, DIW Berlin, German Institute for Economic Research.

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