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Introduction to Entrepreneurship

In: Entrepreneurial Economics

Author

Listed:
  • Keith S. Glancey
  • Ronald W. McQuaid

Abstract

Entrepreneurial Economics considers the role of entrepreneurship and entrepreneurs in economic theory. Economic theory helps to provide insights into the wide variety of behaviour of different producers, consumers and markets, and how each of these changes over time. A key component of these is the role of entrepreneurship. As the economist William Baumol has argued, much of traditional neoclassical economics considered the three key factors of production in economic theory to be land, labour and capital, but this neglected the role of the individual and of entrepreneurship in the economy and in the competitiveness of organizations. Earlier classical economists, such as Adam Smith, had also recognized the importance of entrepreneurship and many economists now add a fourth factor of production, entrepreneurship — the focus of this book.

Suggested Citation

  • Keith S. Glancey & Ronald W. McQuaid, 2000. "Introduction to Entrepreneurship," Palgrave Macmillan Books, in: Jo Campling (ed.), Entrepreneurial Economics, chapter 1, pages 3-19, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-98124-5_1
    DOI: 10.1057/9780333981245_1
    as

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