Freedom, Entrepreneurship, and Economic Progress

24 Pages Posted: 28 Jun 2015

See all articles by J. R. Clark

J. R. Clark

The University of Tennessee at Chattanooga

Dwight Lee

University of Georgia - C. Herman and Mary Virginia Terry College of Business - Department of Economics

Date Written: June 26, 2015

Abstract

All countries have people with an entrepreneurial spirit, but in far too many of them their talent and drive lie fallow. We argue that the most fertile soil for the seeds of entrepreneurship consists of the freedom and informed discipline that characterize market economies. In markets, freedom and informed discipline reinforce each other in ways that allow entrepreneurial failures to be tolerated through a process of restraint and knowledge creation, which converts them into engines of economic progress. Unfortunately, when economies become overly politicized, entrepreneurial ventures can become suppressed, not because of their failures, but because of their successes.

Suggested Citation

Clark, Jeff R. and Lee, Dwight, Freedom, Entrepreneurship, and Economic Progress (June 26, 2015). Available at SSRN: https://ssrn.com/abstract=2623610 or http://dx.doi.org/10.2139/ssrn.2623610

Jeff R. Clark (Contact Author)

The University of Tennessee at Chattanooga ( email )

Department of Economics
Suite 313 Fletcher Hall
Chattanooga, TN 37403-2598
United States

Dwight Lee

University of Georgia - C. Herman and Mary Virginia Terry College of Business - Department of Economics ( email )

Athens, GA 30602-6254
United States

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