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Smith, Bentham and the Development of Contrasting Ideas on Entrepreneurship

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  • Enzo PESCIARELLI

    (Universit… Politecnica delle Marche, Dipartimento di Economia)

Abstract

A comparative reading of The Wealth of Nations and of The Theory of Moral Sentiments has made it possible to identify the characteristics of Smith's 'undertaker', and to reveal the irreconcilable nature of these with those that Bentham ascribed to 'projectors'. In particular, Smith developed a multi-functional theory of entrepreneurship, although his analysis essentially focused on the undertaker as risk-bearer. By contrast, Bentham developed a mono-functional theory, one based on the revolutionary concept of the 'innovator' or 'creative entrepreneur'. And it also transpires that he anticipated - sometimes in an extremely surprising fashion - many of the components of Schumpeter's analysis of the subject.

Suggested Citation

  • Enzo PESCIARELLI, 1988. "Smith, Bentham and the Development of Contrasting Ideas on Entrepreneurship," Working Papers 11, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    • Handle: RePEc:anc:wpaper:11
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    File URL: http://docs.dises.univpm.it/web/quaderni/pdf/011.pdf
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    Cited by:

    1. Nathalie Sigot, 1993. "« Be quiet », mais modérément : le rôle de l'État dans la pensée économique de Jeremy Bentham," Revue Économique, Programme National Persée, vol. 44(1), pages 23-50.
    2. Teece, David J., 2016. "Dynamic capabilities and entrepreneurial management in large organizations: Toward a theory of the (entrepreneurial) firm," European Economic Review, Elsevier, vol. 86(C), pages 202-216.
    3. Diesel, Jonathon, 2021. "Adam Smith on usury: An esoteric reading," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 727-738.
    4. Peter Hans Matthews & Andreas Ortmann, 2002. "An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 379-392.
    5. Annie L. Cot, 1996. "Une utopie utilitariste : Jeremy Bentham et les colonies," Cahiers d'Économie Politique, Programme National Persée, vol. 27(1), pages 193-210.

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