William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship

William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted that economists continue to use their usual tool box when the purview of analysis is extended to entrepreneurship. Hence, Baumol can be characterized as a revolutionary from within. In this article we present and discuss Baumol's research contribution in the areas of entrepreneurship and small business economics, notably from a growth perspective. In addition to placing his work in these areas into the wider context of his full contribution, we emphasize Baumol's findings that growth cannot be explained by the accumulation of various factors of production per se; human creativity and productive entrepreneurship are needed to combine the inputs in profitable ways. As a result, an institutional environment that encourages productive entrepreneurship and human experimentation becomes the ultimate determinant of economic growth. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Small Business Economics Springer Journals

William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2004 by Kluwer Academic Publishers
Subject
Business and Management; Management; Microeconomics; Entrepreneurship; Industrial Organization
ISSN
0921-898X
eISSN
1573-0913
D.O.I.
10.1023/B:SBEJ.0000026049.86377.df
Publisher site
See Article on Publisher Site

Abstract

William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted that economists continue to use their usual tool box when the purview of analysis is extended to entrepreneurship. Hence, Baumol can be characterized as a revolutionary from within. In this article we present and discuss Baumol's research contribution in the areas of entrepreneurship and small business economics, notably from a growth perspective. In addition to placing his work in these areas into the wider context of his full contribution, we emphasize Baumol's findings that growth cannot be explained by the accumulation of various factors of production per se; human creativity and productive entrepreneurship are needed to combine the inputs in profitable ways. As a result, an institutional environment that encourages productive entrepreneurship and human experimentation becomes the ultimate determinant of economic growth.

Journal

Small Business EconomicsSpringer Journals

Published: Oct 2, 2004

References

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