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Is Neoclassical Economics still Entrepreneurless?

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Author Info
Milo Bianchi
Magnus Henrekson

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Abstract

The paper reviews and evaluates some recent contributions on modeling entrepreneurship within a neoclassical framework, analyzing how, and to what extent, the fundamental ingredients suggested in the social science literature were captured. It is shown how these approaches are important in stressing the main elements of a complex picture, without being able to fully describe it. Each modeling attempt focuses only on one specific feature of entrepreneurship, and the entrepreneurial function, broadly perceived, eludes analytical tractability. As a consequence, the models can be useful in analyzing the effect of entrepreneurial behavior at an aggregate level, but not at explaining individual choices. From these observations, it is highlighted how a simplistic interpretation of the existing mainstream approaches incorporating entrepreneurship runs the risk of leading to distortionary policy interventions. Copyright © 2005 Blackwell Publishing Ltd..

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Article provided by Blackwell Publishing in its journal Kyklos.

Volume (Year): 58 (2005)
Issue (Month): 3 (07)
Pages: 353-377
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Handle: RePEc:bla:kyklos:v:58:y:2005:i:3:p:353-377

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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Marco Caliendo & Alexander S. Kritikos, 2006. "Is Entrepreneurial Success Predictable? An Ex-Ante Analysis of the Character-Based Approach," Working Papers 0001, Gesellschaft für Arbeitsmarktaktivierung (GfA). [Downloadable!]
    Other versions:
  2. Douhan, Robin & Henrekson, Magnus & Eliasson, Gunnar, 2006. "Israel M. Kirzner: An Outstanding Austrian Contributor to the Economics of Entrepreneurship," Working Paper Series 678, Research Institute of Industrial Economics. [Downloadable!]
    Other versions:
  3. Norbäck, Pehr-Johan & Persson, Lars & Vlachos, Jonas, 2006. "Entrepreneurial Innovations, Competition and Competition Policy," Working Paper Series 670, Research Institute of Industrial Economics. [Downloadable!]
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  4. Henrekson, Magnus, 2002. "Entrepreneurship: A Weak Link in the Welfare State," Working Paper Series in Economics and Finance 518, Stockholm School of Economics, revised 04 Mar 2005. [Downloadable!]
    Other versions:
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