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A Model of the Entrepreneurial Economy

  • David Audretsch


  • Roy Thurik


The present paper deals with the distinction between the models of the managed and entrepreneurial economies. It explains why the model of the entrepreneurial economy may be a better frame of reference than the model of the managed economy in the contemporary, developed economies. This is done by contrasting the most fundamental elements of the managed economy model with those of the entrepreneurial economy model. Building upon Audretsch and Thurik (2000 and 2001), Audretsch, Thurik, Verheul and Wennekers (2002) and Thurik and Verheul (2003), fourteen dimensions are identified as the basis for comparing models of the entrepreneurial and the managed economy.

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Paper provided by Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group in its series Papers on Entrepreneurship, Growth and Public Policy with number 2004-12.

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Length: 17 pages
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:esi:egpdis:2004-12
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  1. Roy Thurik & Sander Wennekers & Ingrid Verheul & David Audretsch, 2001. "An eclectic theory of entrepreneurship: policies, institutions and culture," Scales Research Reports H200012, EIM Business and Policy Research.
  2. Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-71, September.
  3. Audretsch, David B & Feldman, Maryann P, 1998. "Innovation in Cities: Science-Based Diversity, Specialization and Localized Competition," CEPR Discussion Papers 1980, C.E.P.R. Discussion Papers.
  4. Niels Bosma & Ingrid Verheul & Jolanda Hessels & Mirjam van Praag & Veronique Schutjens, 2011. "Entrepreneurship and Role Models," Scales Research Reports H201017, EIM Business and Policy Research.
  5. David B. Audretsch, 1995. "Innovation and Industry Evolution," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011468, June.
  6. Audretsch, David B & Thurik, A R Roy, 2000. "Impeded Industrial Restructuring: The Growth Penalty," CEPR Discussion Papers 2648, C.E.P.R. Discussion Papers.
  7. Adam B. Jaffe & Manuel Trajtenberg & Rebecca Henderson, 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," NBER Working Papers 3993, National Bureau of Economic Research, Inc.
  8. Kwoka, John E, Jr & White, Lawrence J, 2001. " The New Industrial Organization and Small Business," Small Business Economics, Springer, vol. 16(1), pages 21-30, February.
  9. Zoltan J. Acs & Felix R. FitzRoy & Ian Smith, 1999. "High-Technology Employment and R&D in Cities: Heterogeneity vs Specialization," CRIEFF Discussion Papers 9920, Centre for Research into Industry, Enterprise, Finance and the Firm.
  10. Glaeser, Edward Ludwig & Kallal, Hedi D. & Scheinkman, Jose A. & Shleifer, Andrei, 1992. "Growth in Cities," Scholarly Articles 3451309, Harvard University Department of Economics.
  11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  12. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October.
  13. André van Stel, 2003. "COMPENDIA 2000.2: a harmonized data set of business ownership rates in 23 OECD countries," Scales Research Reports H200302, EIM Business and Policy Research.
  14. Charles Brown & James L. Medoff, 1989. "The Employer Size-Wage Effect," NBER Working Papers 2870, National Bureau of Economic Research, Inc.
  15. Roy Thurik, 2003. "Entrepreneurship and Unemployment in the UK," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(3), pages 264-290, 08.
  16. David Audretsch & Max Keilbach, 2004. "Entrepreneurship Capital and Economic Performance," Regional Studies, Taylor & Francis Journals, vol. 38(8), pages 949-959.
  17. Cressy, Robert & Olofsson, Christer, 1997. " European SME Financing: An Overview," Small Business Economics, Springer, vol. 9(2), pages 87-96, April.
  18. Teece, David J. & Rumelt, Richard & Dosi, Giovanni & Winter, Sidney, 1994. "Understanding corporate coherence : Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 23(1), pages 1-30, January.
  19. Wennekers, Sander & Thurik, Roy, 1999. " Linking Entrepreneurship and Economic Growth," Small Business Economics, Springer, vol. 13(1), pages 27-55, August.
  20. Zoltan Acs & David Audretsch, 1990. "Innovation and Small Firms," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011131, June.
  21. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  22. Stefano Scarpetta & Philip Hemmings & Thierry Tressel & Jaejoon Woo, 2002. "The Role of Policy and Institutions for Productivity and Firm Dynamics: Evidence from Micro and Industry Data," OECD Economics Department Working Papers 329, OECD Publishing.
  23. Carlsson, Bo & Taymaz, Erol, 1994. " Flexible Technology and Industrial Structure in the U.S," Small Business Economics, Springer, vol. 6(3), pages 193-209, June.
  24. Ingrid Verheul, 2003. "Commitment or control?," Scales Research Reports N200306, EIM Business and Policy Research.
  25. David B. Audretsch & A. Roy Thurik, 2000. "Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 17-34.
  26. repec:cup:cbooks:9780521641661 is not listed on IDEAS
  27. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
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