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To Be or Not to Be: The Entrepreneur in Neo-Schumpeterian Growth Theory

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  • Henrekson, Magnus

    (Research Institute of Industrial Economics (IFN))

  • Johansson, Dan

    (Örebro University School of Business)

  • Karlsson, Johan

    (Centre for Family Entrepreneurship and Ownership (CeFEO))

Abstract

Based on a review of 700+ peer-reviewed articles since 1990, identified using text mining methodology and supervised machine learning, we analyze how neo-Schumpeterian growth theorists relate to the entrepreneur-centered view of Schumpeter (1934) and the entrepreneurless framework of Schumpeter (1942). The literature leans heavily towards Schumpeter (1942); innovation returns are modeled as following an ex ante known probability distribution. By assuming that innovation outcomes are (probabilistically) deterministic, the entrepreneur becomes redundant. Abstracting from genuine uncertainty implies that central issues regarding the economic function of the entrepreneur are overlooked such as the roles of proprietary resources, skills, and profits.

Suggested Citation

  • Henrekson, Magnus & Johansson, Dan & Karlsson, Johan, 2022. "To Be or Not to Be: The Entrepreneur in Neo-Schumpeterian Growth Theory," Working Paper Series 1441, Research Institute of Industrial Economics, revised 13 Feb 2023.
    • Handle: RePEc:hhs:iuiwop:1441
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    1. Magnus Henrekson & Mikael Stenkula, 2022. "William J. Baumol: Innovative Contributor to Entrepreneurship Economics," Research in the History of Economic Thought and Methodology, in: Research in the History of Economic Thought and Methodology: Including a Symposium on the Work of William J. Baumol: Heterodox Inspirations and Neocla, volume 40, pages 107-131, Emerald Group Publishing Limited.

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    More about this item

    Keywords

    Creative destruction; Economic growth; Entrepreneur; Innovation; Judgment; Knightian uncertainty;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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