What is the significance of entrepreneurship in an economy? Scholars have argued that when the market is viewed as a process of perpetual adjustment to various forces, and not as a set of end-state prices and quantities simply arrived at, the role of the entrepreneur comes to the fore. What then are fruitful ways to conceive of the phenomenon of entrepreneurship? How do entrepreneurs both respond to and shape larger forces in the economy? In what ways can political institutions and government regulation shape the decisions made by entrepreneurs, and their responsiveness to consumers? How does the cultural environment influence the types of opportunities that an entrepreneur will notice and act on? Finally, is entrepreneurial behavior strictly limited to activity we see in the market?
This edited volume―comprised of chapters by scholars and students studying from the disciplines of sociology and economics―examines entrepreneurship theoretically and applied to various cases. It provides an overview of the economic literature on entrepreneurship and puts forth a framework for understanding the market process, as well the policy implications of government intervention and cultural considerations in the market. It will be of use to any scholars, students, practitioners or policymakers interested in entrepreneurship.
Author(s): Arielle John, Diana W. Thomas
Series: Mercatus Studies in Political and Social Economy
Publisher: Palgrave Macmillan
Year: 2021
Language: English
Pages: 206
City: Cham
Contents
Notes on Contributors
List of Figures
List of Tables
1 Entrepreneurship and the Market Process
Why Entrepreneurship Is Important
Applied Research in Political Economy: Entrepreneurship
References
Part I Entrepreneurship in Theory
2 Diverted Attention During Recessions
Introduction
Alertness and the Metaphor of Allocative Choice
Quasi-Rents and Profit Opportunities
Allocation of Alertness During Recession: The Baseline Model
Allocation of Alertness During Recession: An Extension
Conclusion
References
3 Entrepreneurship as Complex, Bundled Decisions: An Inframarginal Analysis
Introduction
Our Relationship to Schumpeter and to Kirzner
Characterizing Entrepreneurs
Bundled Choices
Computational Complexity
Corner Solutions and Totals
Inframarginal Choice Plus Time: Path Dependence
Conclusion
References
4 Conceptualization of a Kirznerian-Ethnic Entrepreneur in Market Sociology
Introduction
Entrepreneurship: A Sociological Study of Economic Action
Culture, Entrepreneurial Alertness and Opportunity Discovery
Bourdieu’s Habitus: A Complementary and Practical Understanding of Alertness and Entrepreneurial Action
Ethnic Entrepreneurship: A Necessary Realignment
The Kirznerian-Ethnic-Entrepreneurship Model: A Double Arbitrageur
Conclusion
Bibliography
5 Non-Market Competition as a Discovery Procedure
Introduction
The Nonmarket Discovery Process
A Review and Synthesis of Nonmarket Entrepreneurship Literature
Level 4 Nonmarket Entrepreneurship: Political and Social
Level 3 Nonmarket Entrepreneurship: Public and Political
Level 2 Nonmarket Entrepreneurship: Constitutional and Institutional
Level 1 Nonmarket Entrepreneurship: Cultural
Outstanding Issues in Nonmarket Entrepreneurship Research
The “Essence” of Nonmarket Entrepreneurial Action
The Intersection of Market and Nonmarket Entrepreneurship
Institutional Durability and Nonmarket Entrepreneurship
Nonmarket Coordination and Economic Calculation
Conclusion
References
Part II Entrepreneurship in Practice
6 The Comparative Liberty-Dignity Context of Innovative Immigrant Entrepreneurship
Introduction
Institutions and Entrepreneurship: Context Matters
Creative Immigrant Entrepreneurship and Institutions: Which Context Matters?
Why Might Innovative Immigrant Entrepreneurs Choose Developed Countries? A Comparative Liberty-Dignity Framework
Empirical Illustrations of the Comparative Liberty-Dignity Framework
Data on Net Migration and the Liberty of Entrepreneurs
Data on Net Migration and Dignity for Entrepreneurs
Net Migration Rates, Economic Freedom, and Cultural Norms Toward Entrepreneurship
Conclusion
References
7 Economic Development Incentives: Fostering Productive or Unproductive Entrepreneurship?
Introduction
Theory
Data and Empirical Specification
Results and Interpretation
Conclusion
References
8 Silicon Valley vs. Main Street: Regulatory Impact on Entrepreneurial Ventures
Introduction
Overview of Entrepreneurship and Regulation
Differences Between Main Street vs. Silicon Valley Entrepreneurs
Growth and Innovation
Virtual Products, Invisible Locations
Section 3.3 Type of Labor Employed
Differences in Regulatory Impact
Labor and Regulatory Burden
Regulatory Compliance
Regulatory Entrepreneurship
Conclusion
References
Index
