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Foundations of contemporary economics: William Baumol and entrepreneurship

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  • Henrik Egbert
  • Teodor Sedlarski

Abstract

A short summary is made of William Baumols’ contributions to economic theory. Baumol (1922-2017) had a vivid interest in many different areas within the field of economics and substantially improved (in co-authorship) the quality of the research on the theory of environmental economics, industrial organization and entrepreneurship. The focus of the present paper is placed on his work on entrepreneurship. The institutional framework of a society makes its entrepreneurs either productive or unproductive and in some cases even destructive. This logic implies that economic policy can be used in order to make entrepreneurs become productive for a society and thus to induce growth, wealth and development.

Suggested Citation

  • Henrik Egbert & Teodor Sedlarski, 2019. "Foundations of contemporary economics: William Baumol and entrepreneurship," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 109-117.
    • Handle: RePEc:bas:econth:y:2019:i:5:p:109-117
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    References listed on IDEAS

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    1. 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.
    2. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    3. Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
    4. Lucas, David S. & Fuller, Caleb S., 2017. "Entrepreneurship: Productive, unproductive, and destructive—Relative to what?," Journal of Business Venturing Insights, Elsevier, vol. 7(C), pages 45-49.
    5. Alan B. Krueger, 2001. "An Interview with William J. Baumol," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 211-231, Summer.
    6. William J. Baumol, 1987. "Entrepreneurship: Creative, Unproductive and Destructive," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 123(III), pages 415-423, September.
    7. Gunnar Eliasson & Magnus Henrekson, 2004. "William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship," Small Business Economics, Springer, vol. 23(1), pages 1-7, August.
    8. Baumol, William J, 1993. "Health Care, Education and the Cost Disease: A Looming Crisis for Public Choice," Public Choice, Springer, vol. 77(1), pages 17-28, September.
    9. William J. Baumol & Wallace E. Oates, 1971. "The Use of Standards and Prices for Protection of the Environment," Palgrave Macmillan Books, in: Peter Bohm & Allen V. Kneese (ed.), The Economics of Environment, pages 53-65, Palgrave Macmillan.
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    Cited by:

    1. Henrik Egbert & Teodor Sedlarski, 2021. "Foundations of contemporary economics: Mancur Olson and collective action," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 126-134.

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