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Freedom, Entrepreneurship and Economic Progress

Author

Listed:
  • J.R. Clark

    (J.R. Clark is Probasco Chair Professor of Free Enterprise at the University of Tennessee, Chattanooga, Tennessee, USA)

  • Dwight R. Lee

    (Dwight R. Lee is Ramsey Chair Professor of Private Enterprise at the University of Georgia, Athens, Georgia, USA.)

Abstract

All countries have people with an entrepreneurial spirit, but in far too many of them their talent and drive lie fallow. We argue that the most fertile soil for the seeds of entrepreneurship consists of the freedom and informed discipline that characterise market economies. In markets, freedom and informed discipline reinforce each other in ways that allow entrepreneurial failures to be tolerated through a process of restraint and knowledge creation, which converts them into engines of economic progress. Unfortunately, when economies become overly politicised, entrepreneurial ventures can become suppressed, not because of their failures, but because of their successes.

Suggested Citation

  • J.R. Clark & Dwight R. Lee, 2006. "Freedom, Entrepreneurship and Economic Progress," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 15(1), pages 1-17, January.
    • Handle: RePEc:sae:jouent:v:15:y:2006:i:1:p:1-17
    DOI: 10.1177/097135570501500101
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    References listed on IDEAS

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    1. Benson, Bruce L, 2002. "Regulatory Disequilibrium and Inefficiency: The Case of Interstate Trucking," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 229-255, June.
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    Cited by:

    1. Susan L Young & Christopher Welter & Michael Conger, 2018. "Stability vs. flexibility: The effect of regulatory institutions on opportunity type," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(4), pages 407-441, May.
    2. Richard Cebula, 2010. "Impact of trade freedom on per capita real GDP growth among OECD nations: recent panel data evidence," Applied Economics Letters, Taylor & Francis Journals, vol. 17(17), pages 1687-1690.
    3. Noel D. Campbell & Tammy M. Rogers, 2007. "State Fiscal Policy and Small Business Creation," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 22(Spring 20), pages 119-136.
    4. Watkins, Tate & Yandle, Bruce, 2010. "Can Freedom and Knowledge Economy Indexes Explain Go-Getter Migration Patterns?," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 40(2), pages 1-12.
    5. Ratan J. S. Dheer, 2017. "Cross-national differences in entrepreneurial activity: role of culture and institutional factors," Small Business Economics, Springer, vol. 48(4), pages 813-842, April.

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