Entrepreneur — definition?
Agent responsible for initiating and completing a project under uncertainty.
Cantillon — role?
Coined entrepreneur as risk-taker in uncertain future markets.
Say — role?
Defines entrepreneur as the factor combiner into productive organism.
Smith — role?
Organizes productive work to raise returns.
Entrepreneur vs capitalist — difference?
Entrepreneur initiates, capitalist provides capital.
Late 19th-century shift — effect?
Separation of ownership and operation roles.
Marx — view?
Capitalist as exploitative, performing social role.
Weber — contribution?
Protestant ethic fosters capitalist spirit.
Keynes — entrepreneur?
Estimates future, acts on animal spirits.
Schumpeter — function?
Drives progress via innovation and creative destruction.
Marshall — core theory?
Coordinates productive factors for efficiency.
Leibenstein — core theory?
Reduces inefficiency in production.
Kirzner — core theory?
Spot market imbalances for profit.
Knight — core theory?
Estimates under uncertainty for residual profit.
Residual surplus — source?
From correct predictions under non-insurable risk.
Market imbalance — profit?
Created by imperfect info, spotted by alert entrepreneurs.
Knight uncertainty — meaning?
Future outcomes cannot be reliably quantified.
Innovation — Schumpeter?
Creates new combinations, drives cyclical progress.
Post-Schumpeter entrepreneur — role?
Pressures State, influences political environment.
Fifth business function?
Political performance—pressuring the State for favorable action.
Testez vos connaissances avec un QCM de 20 questions sur Foundations of Entrepreneurial Economics.
1. What is the entrepreneur concept most closely associated with early economic literature?
2. Which economist is credited with linking the entrepreneur to uncertainty in future markets?
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