Entrepreneurship and economic progress
Entrepreneurship is the engine of economic progress, but mainstream economic models of economic growth tend to leave out the entrepreneurial elements of the economy. This new book from Randall Holcombe begins by identifying areas in which evolutionary and Austrian approaches differ from the academic mainstream literature on economic growth, before moving on to distinguish growth from progress. The author then analyzes economic models of the firm based on the idea that it is entrepreneurship that drives economic progress. The book should prove to be a natural successor to recent Routledge books by Frederic Sautet and David Harper.
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Growth versus progress
Entrepreneurship versus management
Equilibrium versus the invisible hand
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actions Adam Smith Alchon allocation of resources argues Austrian Economics Baumol benefits Chapter concept of equilibrium costs create depicted discussed disequilibrating division of labor economic analysis economic equilibrium economic freedom economic growth economic policy economic progress economists efficient enhance entrepre entrepreneurial activity entrepreneurial discovery entrepreneurial insight entrepreneurial opportunities entrepreneurship entrepreneurship and economic environment equilibrating example factors firms focuses growth theory Hayek Holcombe human and physical human capital idea improved incentive income growth increasing returns individuals inefficiencies innovation inputs investment invisible hand Israel Kirzner Kirzner Kirznerian lead legislators macroeconomic market economy measure national income accounting neurial Pareto optimal physical capital political entrepreneurship predation predatory product differentiation production function production function approach production process productive activity prosperity recognize research and development result Schumpeter Schumpeter's Schumpeterian sector specific knowledge theory of economic twentieth century unexploited profit opportunities Wealth of Nations welfare Welfare Economics