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William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship

  • Gunnar Eliasson

    ()

  • Magnus Henrekson

    ()

William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted that economists continue to use their usual tool box when the purview of analysis is extended to entrepreneurship. Hence, Baumol can be characterized as a revolutionary from within. In this article we present and discuss Baumol's research contribution in the areas of entrepreneurship and small business economics, notably from a growth perspective. In addition to placing his work in these areas into the wider context of his full contribution, we emphasize Baumol's findings that growth cannot be explained by the accumulation of various factors of production per se; human creativity and productive entrepreneurship are needed to combine the inputs in profitable ways. As a result, an institutional environment that encourages productive entrepreneurship and human experimentation becomes the ultimate determinant of economic growth.

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Article provided by Springer in its journal Small Business Economics.

Volume (Year): 23 (2004)
Issue (Month): 1 (08)
Pages: 1-7

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Handle: RePEc:kap:sbusec:v:23:y:2004:i:1:p:1-7
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100338

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  1. Schwartz, Marius & Reynolds, Robert J, 1983. "Contestable Markets: An Uprising in the Theory of Industry Structure: Comment," American Economic Review, American Economic Association, vol. 73(3), pages 488-90, June.
  2. Baumol, William J & Panzar, John C & Willig, Robert D, 1983. "Contestable Markets: An Uprising in the Theory of Industry Structure: Reply," American Economic Review, American Economic Association, vol. 73(3), pages 491-96, June.
  3. Aghion, P. & Howitt, P., 1989. "A Model Of Growth Through Creative Destruction," UWO Department of Economics Working Papers 8904, University of Western Ontario, Department of Economics.
  4. William J. Baumol, 1986. "Williamson's The Economic Institutions of Capitalism," RAND Journal of Economics, The RAND Corporation, vol. 17(2), pages 279-292, Summer.
  5. Shepherd, William G, 1984. ""Contestability" vs. Competition," American Economic Review, American Economic Association, vol. 74(4), pages 572-87, September.
  6. 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.
  7. Holmes, Thomas J. & Jr., James A. Schmitz, 2001. "A gain from trade: From unproductive to productive entrepreneurship," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 417-446, April.
  8. Helpman, Elhanan, 1992. "Endogenous macroeconomic growth theory," European Economic Review, Elsevier, vol. 36(2-3), pages 237-267, April.
  9. Baumol, William J, 1972. "Macroeconomics of Unbalanced Growth: Reply," American Economic Review, American Economic Association, vol. 62(1), pages 150, March.
  10. Eliasson, Gunnar, 1984. "Micro heterogeneity of firms and the stability of industrial growth," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 249-274.
  11. Anderson, Gary M & Tollison, Robert D, 1982. "Adam Smith's Analysis of Joint-Stock Companies," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1237-56, December.
  12. Weitzman, Martin L, 1983. "Contestable Markets: An Uprising in the Theory of Industry Structure: Comment," American Economic Review, American Economic Association, vol. 73(3), pages 486-87, June.
  13. Rosen Sherwin, 1997. "Austrian and Neoclassical Economics: Any Gains From Trade?," University of Chicago - George G. Stigler Center for Study of Economy and State 133, Chicago - Center for Study of Economy and State.
  14. Baumol, William J & Fischer, Dietrich, 1978. "Cost-Minimizing Number of Firms and Determination of Industry Structure," The Quarterly Journal of Economics, MIT Press, vol. 92(3), pages 439-67, August.
  15. Eliasson, Gunnar, 1991. "Modeling the experimentally organized economy : Complex dynamics in an empirical micro-macro model of endogenous economic growth," Journal of Economic Behavior & Organization, Elsevier, vol. 16(1-2), pages 153-182, July.
  16. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
  17. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  18. Baumol, William J., 2000. "Out of Equilibrium," Structural Change and Economic Dynamics, Elsevier, vol. 11(1-2), pages 227-233, July.
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