What's New About the New Economy? Sources of Growth in the Managed and Entrepreneurial Economies

42 Pages Posted: 26 Aug 2006

See all articles by David B. Audretsch

David B. Audretsch

Indiana University - Institute for Development Strategies; King Saud University; WHU - Otto Beisheim School of Management; Indiana University Bloomington - School of Public & Environmental Affairs (SPEA)

Roy Thurik

Montpellier Business School; Erasmus University Rotterdam (EUR) - Centre for Advanced Small Business Economics (CASBEC); Erasmus Research Institute of Management (ERIM); EIM Netherlands - Business and Policy Research; Tinbergen Institute

Date Written: 26 2000, 10

Abstract

The purpose of this paper is to document the fundamental shift that is taking place in OECD countries. This shift is from the managed economy to the entrepreneurial economy. While politicians and policy makers have made a plea for guidance in the era of entrepreneurship, scholars have been slow to respond. This paper attempts to make a first step identifying and articulating these differences. We do this by contrasting the most fundamental elements of the newly emerging entrepreneurial economy with those of the managed economy. We identify fourteen trade-offs confronting these two polar worlds. The common thread throughout these trade-offs is the increased role of new and small enterprises in the entrepreneurial economy. A particular emphasis is placed on changes in economic policy demanded by the entrepreneurial economy vis-?-vis the managed economy.

Keywords: government policy, entrepreneurship, new economy, industrial structure, Europe

JEL Classification: M, L20, M13, L51

Suggested Citation

Audretsch, David B. and Thurik, Roy, What's New About the New Economy? Sources of Growth in the Managed and Entrepreneurial Economies (26 2000, 10). ERIM Report Series Reference No. ERS-2000-45-STR, Available at SSRN: https://ssrn.com/abstract=370844

David B. Audretsch (Contact Author)

Indiana University - Institute for Development Strategies ( email )

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Indiana University Bloomington - School of Public & Environmental Affairs (SPEA) ( email )

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Roy Thurik

Montpellier Business School

France

Erasmus University Rotterdam (EUR) - Centre for Advanced Small Business Economics (CASBEC) ( email )

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Erasmus Research Institute of Management (ERIM) ( email )

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