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Home » Entrepreneurship » Entrepreneurship

Progress and Entrepreneurship

Source: www.mises.org
Topic: Entrepreneurship

Sort Desciption: entrepreneurship and progress may seem obvious yet the connection between ... This progress was generated by entrepreneurship and the economic ...

Content Inside: R ANDALL G. H OLCOMBE is the DeVoe Moore Professor of Economics at Florida State Uni- versity. The author gratefully acknowledges helpful comments from two anonymous ref- erees of this journal. 1 Prior to Smith the mercantilists were interested in this same question and thought that a nations accumulation of gold and silver increased its wealth and the physiocrats argued that wealth is the product of the land so encouraged agriculture. Thus the issue was raised before Smiths monumental treatise was published and one of Smiths motives for writing The Wealth of Nations was to try to correct what he perceived as errors in the views of these earlier economists. 2 See Galor and Weil (2000 p. 808) for estimates that per capita economic growth began only after 1500 and was very modest until about 1820. P ROGRESS AND E NTREPRENEURSHIP R ANDALL G. H OLCOMBE E conomists have been studying the factors that improve peoples mate- rial well-being at least as far back as Adam Smith (1776) but the phe- nomenon of economic progressor as it is often more narrowly stud- ied growthbarely predates Smith. 1 Prior to about 1750 economic progress was so slow that people would have to be very observant to see any progress during their lifetimes. Everywhere in the world the standard of living and the quality of life was much the same in 1750 as it was in 1650 and it was much the same in 1650 as it was in 1550. Indeed it was much the same in 1550 as it was in 550. 2 Since then economic progress has manifested itself partly in income growth but even more in new methods of production and in new types of output. This article examines the indispensable role that entrepre- neurship has had in the production of economic progress. The link between entrepreneurship and progress may seem obvious yet the connection between the two in economic analysis is tenuous partly because mainstream econom- ics does not do a very good job of representing entrepreneurship or progress. THE QUARTERLY ...

galor weil 2007 economics

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