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Entrepreneurship and Resource Allocation

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  • Carl P. Kaiser

    (Washington & Lee University)

Abstract

Historical surveys show that most analyses of the entrepreneur focus primarily upon one aspect or function of entrepreneurship such as risk-bearing, innovation, or the perception of and response to market disequilibria. Despite the richness of entrepreneurial theory over the last two hundred years, economists have yet to adequately model the market for entrepreneurship. The analysis in this paper implies a supply of entrepreneurial expenditures function, that when coupled with a concept of the demand for entrepreneurial expenditures, yields a market model of the entrepreneurial process. The model is significant in three important ways; first, it synthesizes the different but complementary elements of entrepreneurial behavior that have been separately developed in the received literature, second, it explains how market forces drive an economy toward an efficient allocation of entrepreneurial resources, and third, it provides a framework for considering and analyzing policy actions to stimulate entrepreneurial activity and economic growth.

Suggested Citation

  • Carl P. Kaiser, 1990. "Entrepreneurship and Resource Allocation," Eastern Economic Journal, Eastern Economic Association, vol. 16(1), pages 9-20, Jan-Mar.
    • Handle: RePEc:eej:eeconj:v:16:y:1990:i:1:p:9-20
    as

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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume16/V16N1P9_20.pdf
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    References listed on IDEAS

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    1. Nina Shapiro, 1986. "Innovation, New Industries and New Firms," Eastern Economic Journal, Eastern Economic Association, vol. 12(1), pages 27-43, Jan-Mar.
    2. Ziegler, Charles A., 1985. "Innovation and the imitative entrepreneur," Journal of Economic Behavior & Organization, Elsevier, vol. 6(2), pages 103-121, June.
    3. S. M. Kanbur, 1980. "A Note on Risk Taking, Entrepreneurship, and Schumpeter," History of Political Economy, Duke University Press, vol. 12(4), pages 489-498, Winter.
    4. Schultz, Theodore W, 1980. " Investment in Entrepreneurial Ability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 82(4), pages 437-448.
    5. Kamien,Morton I. & Schwartz,Nancy L., 1982. "Market Structure and Innovation," Cambridge Books, Cambridge University Press, number 9780521293853, December.
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    Cited by:

    1. José M. Menudo & José Mª O’Kean, 2014. "The Market for Entrepreneurs: The Story of a Failure," Working Papers 14.09, Universidad Pablo de Olavide, Department of Economics.
    2. Jun Sun & Yongchun Huang & Dejin Su & Chen Yang, 2020. "Data mining and analysis of part-time entrepreneurs from the perspective of entrepreneurial ability," Information Systems and e-Business Management, Springer, vol. 18(3), pages 455-484, September.
    3. Carayannis, Elias G. & Grigoroudis, Evangelos & Wurth, Bernd, 2022. "OR for entrepreneurial ecosystems: A problem-oriented review and agenda," European Journal of Operational Research, Elsevier, vol. 300(3), pages 791-808.

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