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Principles of Economics Without the Prince of Denmark


  • Barbara J. Phipps
  • Robert J. Strom
  • William J. Baumol


In most introductory textbooks on principles of economics, discussion of the theory or practice of entrepreneurship is almost entirely absent. This omission is striking, given the important role in economic growth that economists assign to the entrepreneur. While there are plausible explanations for this omission, new research suggests the beginnings of a body of formal microtheory on innovative entrepreneurship. In this article, the authors first review treatment of the entrepreneur in the latest editions of three commonly used introductory economics textbooks, each of which includes a substantive discussion of entrepreneurship. Second, the authors present brief overviews of new microtheories of entrepreneurship (Parker 2009; Spulber 2009; and Baumol 2010), each of which has potential to serve as inspiration and to provide a framework for inclusion of entrepreneurship in introductory microtheory.

Suggested Citation

  • Barbara J. Phipps & Robert J. Strom & William J. Baumol, 2012. "Principles of Economics Without the Prince of Denmark," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(1), pages 58-71, January.
  • Handle: RePEc:taf:jeduce:v:43:y:2012:i:1:p:58-71
    DOI: 10.1080/00220485.2012.636711

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    References listed on IDEAS

    1. Parker,Simon C., 2009. "The Economics of Entrepreneurship," Cambridge Books, Cambridge University Press, number 9780521728355, March.
    2. 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.
    3. Parker,Simon C., 2009. "The Economics of Entrepreneurship," Cambridge Books, Cambridge University Press, number 9780521899604, March.
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    Cited by:

    1. William Stull, 2014. "Taking the Plunge: Teaching the Microeconomics of Entrepreneurship," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(2), pages 139-150, May.
    2. repec:kap:iaecre:v:20:y:2014:i:2:p:139-150 is not listed on IDEAS
    3. repec:ejw:journl:v:14:y:2017:i:2:p:196-217 is not listed on IDEAS

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