Entrepreneurship has long been seen as a key driving force of a free market economy. Modern definitions of entrepreneurship emphasise a strong link between entrepreneurship and innovation and distinguish entrepreneurship from simple form of management. Entrepreneurship is also seen as a critical link between new knowledge and economic growth as it facilitates the transfer of knowledge. In the absence of internationally comparable indicators that capture the real innovative nature of entrepreneurship it is difficult to draw firm conclusions about the true level of entrepreneurial activity in Australia or any other country. Given the likely effect of entrepreneurship on economic growth, indicators that capture its innovative nature will be important for good policy outcomes in a small open economy like Australia.
Volume (Year): (2008)
Issue (Month): 1 (March)
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