Bridging the Gap between Entrepreneurship Teaching and Economics

Abstract

Although entrepreneurship education is thriving, it often lacks a substantial foundation in economic theory and history, and therefore also an appreciation of the overarching social significance of entrepreneurship. The purpose of this paper is to explore one way economics can enhance entrepreneurship teaching, namely, by discussing the social and institutional basis of entrepreneurship, as well as its economic meaning and implications. To this end, I provide a list of economic readings that can be used in undergraduate entrepreneurship courses, along with brief narratives explaining some of the most important ideas these works communicate. The readings highlight a number of key themes from the economics of enterprise, such as the importance of institutions, the roles of risk and uncertainty, the causes of profit, the process of entrepreneurial decision making, the sovereignty of consumers, and the effects of entrepreneurial competition.

Keywords: economics of entrepreneurship; economic education; entrepreneurship education; undergraduate education

JEL Classification: A12, A22, L26