IDEAS home Printed from https://ideas.repec.org/a/eme/jepppp/v5y2016i2p201-220.html
   My bibliography  Save this article

The substance of entrepreneurship and the entrepreneurship of substances

Author

Listed:
  • Raymond J. March
  • Adam G. Martin
  • Audrey Redford

Abstract

Purpose - – The purpose of this paper is to clarify the distinctions and complementary of William Baumol and Israel Kirzner’s classifications of and insights into entrepreneurship, and thus providing a more complete taxonomy of the substance of entrepreneurial activity. This paper also attempts to clarify distinctions between unproductive and destructive entrepreneurship. Design/methodology/approach - – This paper illustrates a more complete taxonomy of the substance of entrepreneurial activity by examining entrepreneurial innovation in drug markets both legal and illegal, identifying cases of productive, unproductive, superfluous, erroneous, destructive, and protective entrepreneurship. Findings - – This paper finds that the classifications of entrepreneurship (productive, superfluous, unproductive, erroneous, protective and destructive) put forth by Baumol, Kirzner, and the institutional entrepreneurship literature are complementary. While Baumol seeks to explain the disequilibrating tendencies of entrepreneurship, Kirzner seeks to explain the equilibrating tendencies of entrepreneurship within the institutional context. Originality/value - – This paper utilizes case studies from legal and illegal drug markets to uniquely and better explain the six cases of entrepreneurship. This paper also contributes to the literature by clearly articulating the complementarity of Baumolian and Kirznerian entrepreneurship.

Suggested Citation

  • Raymond J. March & Adam G. Martin & Audrey Redford, 2016. "The substance of entrepreneurship and the entrepreneurship of substances," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 5(2), pages 201-220, August.
    • Handle: RePEc:eme:jepppp:v:5:y:2016:i:2:p:201-220
    DOI: 10.1108/JEPP-10-2015-0030
    as

    Download full text from publisher

    File URL: https://www.emerald.com/insight/content/doi/10.1108/JEPP-10-2015-0030/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://www.emerald.com/insight/content/doi/10.1108/JEPP-10-2015-0030/full/pdf?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1108/JEPP-10-2015-0030?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Demsetz, Harold, 1982. "Barriers to Entry," American Economic Review, American Economic Association, vol. 72(1), pages 47-57, March.
    2. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    3. Magnus Henrekson & Robin Douhan (ed.), 2008. "The Political Economy of Entrepreneurship," Books, Edward Elgar Publishing, volume 0, number 3704.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. March, Raymond J. & Geloso, Vincent, 2020. "Gordon Tullock meets Phineas Gage: The political economy of lobotomies in the United States," Research Policy, Elsevier, vol. 49(1).
    2. Joseph Chikwendu Ezennia & Emmanuel Mutambara, 2020. "Sociological factors influencing the success of African immigrant-owned micro businesses in South Africa," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(1), pages 972-982, September.
    3. Audrey Redford, 2020. "Property rights, entrepreneurship, and economic development," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 139-161, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christian Bjørnskov & Nicolai Foss, 2010. "Economic Freedom and Entrepreneurial Activity: Some Cross-Country Evidence," Springer Books, in: Andreas Freytag & Roy Thurik (ed.), Entrepreneurship and Culture, chapter 0, pages 201-225, Springer.
    2. Kirsten Foss & Nicolai J. Foss, "undated". "Creating, Capturing and Protecting Value: A Property Rights-based View of Competitive Strategy," IVS/CBS Working Papers 2002-03, Department of Industrial Economics and Strategy, Copenhagen Business School.
    3. Sheen S. Levine & Mark Bernard & Rosemarie Nagel, 2018. "Strategic intelligence: The cognitive capability to anticipate competitor behaviour," Strategic Management Journal, Wiley Blackwell, vol. 39(2), pages 527-527, February.
    4. Oasis Kodila-Tedika & Julius Agbor, 2016. "Does Trust Matter for Entrepreneurship: Evidence from a Cross-Section of Countries," Economies, MDPI, vol. 4(1), pages 1-17, March.
    5. Agnieszka Żur, 2015. "Opportunity Identification and Creation as Factors of Firm Internationalisation," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 3(2), pages 25-39.
    6. Francisco Javier Forcadell & Fernando Úbeda, 2022. "Individual entrepreneurial orientation and performance: the mediating role of international entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 875-900, June.
    7. Kim, Jongwook & Mahoney, Joseph T., 2008. "A Strategic Theory of the Firm as a Nexus of Incomplete Contracts: A Property Rights Approach," Working Papers 08-0108, University of Illinois at Urbana-Champaign, College of Business.
    8. Grazia Cecere, 2015. "The economics of innovation: a review article," The Journal of Technology Transfer, Springer, vol. 40(2), pages 185-197, April.
    9. Enrico Santarelli & Hien Tran, 2013. "The interplay of human and social capital in shaping entrepreneurial performance: the case of Vietnam," Small Business Economics, Springer, vol. 40(2), pages 435-458, February.
    10. Shastitko, Andrey & Golovanova, Svetlana, 2016. "Meeting blindly… Is Austrian economics useful for dynamic capabilities theory?," Russian Journal of Economics, Elsevier, vol. 2(1), pages 86-110.
    11. Adam Martin & Matias Petersen, 2019. "Poverty Alleviation as an Economic Problem," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(1), pages 205-221.
    12. Wolfgang Kerber & Oliver Budzinski, "undated". "Towards a Differentiated Analysis of Competition of Competition Laws," German Working Papers in Law and Economics 2004-1-1090, Berkeley Electronic Press.
    13. Stratmann, Thomas, 2005. "Ballot access restrictions and candidate entry in elections," European Journal of Political Economy, Elsevier, vol. 21(1), pages 59-71, March.
    14. Alina Petronela NEGREA & Valentin COJANU, 2015. "Innovation In The European Value Chain: The Case Of The Romanian Automotive Industry," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(1), pages 126-146, March.
    15. Comitato di Redazione, 2015. "Recensioni," ECONOMIA E DIRITTO DEL TERZIARIO, FrancoAngeli Editore, vol. 2015(2), pages 347-356.
    16. Paul H. Jensen & Robin E. Stonecash, 2004. "The Efficiency of Public Sector Outsourcing Contracts: A Literature Review," Melbourne Institute Working Paper Series wp2004n29, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    17. Mulligan, Robert F., 2004. "Fractal analysis of highly volatile markets: an application to technology equities," The Quarterly Review of Economics and Finance, Elsevier, vol. 44(1), pages 155-179, February.
    18. Giammario Impullitti & Syed Kazmi, 2022. "Globalization and market power," CEP Discussion Papers dp1866, Centre for Economic Performance, LSE.
    19. Ajay Agrawal & Joshua S. Gans & Scott Stern, 2021. "Enabling Entrepreneurial Choice," Management Science, INFORMS, vol. 67(9), pages 5510-5524, September.
    20. de Soto Jesus Huerta, 1998. "The Ongoing Methodenstreit of The Austrian School," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 8(1), pages 75-114, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eme:jepppp:v:5:y:2016:i:2:p:201-220. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Emerald Support (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.