Independent Review, March 22nd, 2006
The theory of entrepreneurship is one of the weakest links in modern economics. Despite an extensive and diverse literature (see Hebert and Link 1988; Casson 2003), entrepreneurship remains "the phenomenon which is most emphasized yet least understood by economists" (S. M. Kanbur, quoted in Hebert and Link 1988, xvii). The entrepreneur "is at once one of the most intriguing and one of the most elusive in the cast of characters that constitutes the subject of economic analysis" (Baumol 1993, 2). Many microeconomic theory and industrial organization texts omit mention of entrepreneurship altog...
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