Entrepreneurship Before and after Schumpeter

Posted: 24 Nov 2009

See all articles by Mark Blaug

Mark Blaug

University of Amsterdam - Faculty of Economics and Business (FEB)

Date Written: 2000


Although entrepreneurship has virtually disappearedfrom the sphere of economic debate, many well-known economists have contributedto the subject over the past few centuries.While English classicaleconomists like David Ricardo and Adam Smith regarded "capitalist" and"entrepreneur" as synonymous, eighteenth-century French economistRichard Cantillon recognized the unique role of the entrepreneur and regardedentrepreneurship as the willingness to take risks.Karl Marx tended toignore the entrepreneur's role in the business process. Joseph Schumpeter's writings on entrepreneurship are outlined, particularlyhis provocative argument that only technical innovation and dynamic change canproduce a positive rate of interest.The Austrian theory ofentrepreneurship (promulgated by Ludwig von Mises and Israel Kirzner) depictsthe entrepreneur as anyone who buys cheap and sells dear.Following asummary of Mark Casson’s argument that the entrepreneur as one who makesjudgments about the coordination of resources, it is argued that Schumpeter’swritings offer a particularly astute approach to the question of how the wealthof nations is created. (SAA)

Keywords: Industrial entrepreneurship, Capitalism, Economics, Schumpeter, Joseph A.

Suggested Citation

Blaug, Mark, Entrepreneurship Before and after Schumpeter (2000). University of Illinois at Urbana-Champaign's Academy for Entrepreneurial Leadership Historical Research Reference in Entrepreneurship, Available at SSRN: https://ssrn.com/abstract=1512267

Mark Blaug (Contact Author)

University of Amsterdam - Faculty of Economics and Business (FEB) ( email )

Roetersstraat 11
Amsterdam, 1018 WB

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