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The entrepreneur in economic theory: from an invisible man toward a new research field

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  • Vera Catarina Rocha

    (CEF.UP, FEP; CIPES)

Abstract

Mainstream economics had great difficulty in fitting entrepreneurship into its theory and for long time the theoretical firm remained “entrepreneurless”. However, from the early 20th century onwards, we identify strong attempts of key economists to recognize the role of the entrepreneur as an explanatory force of several economic phenomena. This paper analyzes the evolution of economic thought on entrepreneurship, and in particular the path through which the entrepreneur (re)entered into economic theory over the 20th century, leading to the new and increasingly independent research field Economics of Entrepreneurship. The analysis goes through the main Economics fields where the (re)discover of the entrepreneur figure was most remarkable - namely Labor Economics, Microeconomics and Industrial Organization, and Economic Growth and Development - searching for the rationality to include the entrepreneur figure into the analyses of particular economic phenomena. The study is enriched by a brief bibliometric analysis, which helps to set forth a chronological trace of the entrepreneurship research within Economics literature.

Suggested Citation

  • Vera Catarina Rocha, 2012. "The entrepreneur in economic theory: from an invisible man toward a new research field," FEP Working Papers 459, Universidade do Porto, Faculdade de Economia do Porto.
    • Handle: RePEc:por:fepwps:459
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    2. Szaban Jolanta & Skrzek-Lubasińska Małgorzata, 2018. "Self-Employment and Entrepreneurship: A Theoretical Approach," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 26(2), pages 89-120, June.
    3. Feyza BALAN & Seda OZEKICIOGLU & Cuneyt KILIC, 2016. "Determining the causal relationships among entrepreneurship, educational attainment and per capita GDP in high-income OECD countries," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 243-256, Autumn.
    4. Hilson, Gavin & Hilson, Abigail & Maconachie, Roy, 2018. "Opportunity or necessity? Conceptualizing entrepreneurship at African small-scale mines," Technological Forecasting and Social Change, Elsevier, vol. 131(C), pages 286-302.
    5. Monika Mühlböck & Julia-Rita Warmuth & Marian Holienka & Bernhard Kittel, 2018. "Desperate entrepreneurs: no opportunities, no skills," International Entrepreneurship and Management Journal, Springer, vol. 14(4), pages 975-997, December.
    6. Ricardo Biscaia & Paula Sarmento, 2012. "Cost inefficiency and Optimal Market Structure in Spatial Cournot Discrimination," FEP Working Papers 462, Universidade do Porto, Faculdade de Economia do Porto.
    7. Feyza BALAN & Seda OZEKICIOGLU & Cuneyt KILIC, 2016. "Determining the causal relationships among entrepreneurship, educational attainment and per capita GDP in high-income OECD countries," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(3(608), A), pages 243-256, Autumn.
    8. João Correia-da-Silva & Joana Pinho, 2012. "The profit-sharing rule that maximizes sustainability of cartel agreements," FEP Working Papers 463, Universidade do Porto, Faculdade de Economia do Porto.
    9. Sayed Saghaian & Hosein Mohammadi & Morteza Mohammadi, 2022. "Factors Affecting Success of Entrepreneurship in Agribusinesses: Evidence from the City of Mashhad, Iran," Sustainability, MDPI, vol. 14(13), pages 1-12, June.
    10. Abel L. Costa Fernandes & Paulo R. Mota, 2012. "Triffin’s Dilemma Again and the Efficient Level of U.S. Government Debt," FEP Working Papers 469, Universidade do Porto, Faculdade de Economia do Porto.
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    More about this item

    Keywords

    Entrepreneurship; Entrepreneur; Economic Thought; Labor Economics; Industrial Organization; Economic Development and Growth;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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