William J. Baumol: An entrepreneurial economist on the economics of entrepreneurship

Arbeitspapier

William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted that economists continue to use their usual tool box when the purview of analysis is extended to entrepreneurship. Hence, Baumol can be characterized as a revolutionary from within. In this article we present and discuss Baumol's research contribution in the areas of entrepreneurship and small business economics, notably from a growth perspective. In addition to placing his work in these areas into the wider context of his full contribution, we emphasize Baumol's findings that growth cannot be explained by the accumulation of various factors of production per se; human creativity and productive entrepreneurship are needed to combine the inputs in profitable ways. As a result, an institutional environment that encourages productive entrepreneurship and human experimentation becomes the ultimate determinant of economic growth.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: SSE/EFI Working Paper Series in Economics and Finance ; No. 532

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Economic Methodology: Other ; Current Heterodox Approaches: Historical; Institutional; Evolutionary ; Current Heterodox Approaches: Austrian ; Innovation and Invention: Processes and Incentives
• Thema: Economic development ; Entrepreneurship ; Small business economics ; Entwicklung ; Entrepreneurship-Ansatz ; Klein- und Mittelunternehmen

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Eliasson, Gunnar ; Henrekson, Magnus
• Ereignis: Veröffentlichung
• (wer): Stockholm School of Economics, The Economic Research Institute (EFI)
• (wo): Stockholm
• (wann): 2003

Weitere Informationen

• Handle: http://hdl.handle.net/10419/56238
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ