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Summary Lecture notes week 1-7 - Economics of Entrepreneurship (EC2EBE1)
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Economics of Entrepreneurship (EC2EBE1) Lecture notes of weeks 1-7
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Economics of Entrepreneurship Notes 2020-21Some Classic Views on Entrepreneurship:
Knight: Addressing Uncertainty
Schumpeter: Innovation & Creative Destruction, new product market combinations
Kirzner, Hayek: Alertness, Bricolage
Sarasvathy: Effectuation; Alvarez & Barney: Opportunity Creation
Austrian Economics:
The Austrian school holds that prices are determined by subjective factors like an individual's preference to buy or
not to buy a particular good, whereas the classical school of economics holds that objective costs of production
determine the price and the neoclassical school holds that prices are determined by the equilibrium of demand and
supply.
Classifying Theories on Entrepreneurship and Corresponding Measures
• Occupational: self-employment
o Note: how to position the rise of the independent professional?
• Structural: start-ups, scale-ups etc.
o Acknowledges dynamic role of entrepreneurship, ‘driver’ of economic growth (Mises)
• Functional: process of entrepreneurship
o Acknowledges behavioral aspect of entrepreneurship, process contingent on entrepreneurial judgement
Different Perspectives to Entrepreneurship:
Entrepreneurial Employee Activity: employees developing new business activities for their employer
e.g. establishing a new outlet or subsidiary and launching new products or new product-market combinations
, Mechanisms for independent entrepreneurship and intrapreneurship
Entrepreneurship and economic growth
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