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

  title={William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship},
  author={Gunnar Eliasson and Magnus Henrekson},
  journal={Small Business Economics},
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… 

The Foundational Contribution to Entrepreneurship Research of William J. Baumol

William J. Baumol has made an impressive number of important contributions to our understanding of entrepreneurship. This article presents an interview in which Baumol discusses the role and

Real-Estate Entrepreneurship from Baumol's Productive and Unproductive Typology: A Contestable Markets Approach

The role of innovation in economic development has long been a topic of discussion among economists. Despite that, the economic pay-off mechanisms which support or hinder innovative entrepreneurial

The entrepreneur in economic theory: from an invisible man toward a new research field

Mainstream economics had great difficulty in fitting entrepreneurship into its theory and for long time the theoretical firm remained “entrepreneurless”. However, from the early 20th century onwards,

Entrepreneurship - The Productive Ingenuity of the Human Factor in an Ambiguous Environment

Land, Labour and Capital are regarded as factors necessary for production to occur. In this frame, entrepreneurship is seen as that part of labour which combines other production factors to create

Institutional change in the Schumpeterian–Baumolian construct: power, contestability and evolving entrepreneurial interests

Baumol's hypothesis, i.e. that the allocation of entrepreneurial talent in productive, unproductive and destructive activities is determined by the rules of the game, is supported by a growing body

Paul D. Reynolds: Entrepreneurship Research Innovator, Coordinator, and Disseminator

Paul Davidson Reynolds is the 2004 winner of the International Award for Entrepreneurship and Small Business Research. In this article Professor Reynolds’ contributions are summarized in terms of

The Promise of Entrepreneurship for the Future Development of Factor-Driven Economies in Africa

Until recently, the African continent has held positive fundamentals for growth. However, the continent continues to face profound developmental challenges and structural weaknesses that impede

Entrepreneurship as a leap of faith

Entrepreneurial start-ups require a “leap of faith”. Since a person’s faith represents a belief in something for which there is limited information and considerable uncertainty, this suggests that

The Global Award for Entrepreneurship Research

The International Award for Entrepreneurship and Small Business Research was introduced in 1996, and it is now firmly established as the most prestigious award for outstanding research contributions

Public Funds and Entrepreneurship: A Cognitive Economics Approach

This paper studies the effectiveness of public policies for the financing of entrepreneurship in developing countries. The approach of the cognitive economics makes it possible to resort to



Entrepreneurship in Economic Theory

Examines the historic inability of economic theory to develop a formal analysis of entrepreneurship. The entrepreneur is the major catalyst to the process of economic growth, a central force in both

Entrepreneurship in Neoclassical Economics

In Part II of this book the concern is with theoretical treatment of entrepreneurs and the activities that constitute ‘entrepreneurship’. In Chapter 1 it is demonstrated that while there is by no

Designing Efficient Institutions for Science-Based Entrepreneurship: Lesson from the US and Sweden

The recent ‘scientification’ of commercial technology has brought the interface between universities and industry into sharp focus. In particular, academic entrepreneurship, i.e., the variety of ways

Contestable Markets and the Theory of Industry Structure: A Review Article

PHE NEW BOOK by William J. Baumol, John C. Panzar and Robert D. Willig is the culmination of several years of research on the related problems of understanding multiproduct cost structures and their

Williamson's The Economic Institutions of Capitalism

* There can be no doubt-this book is a major contribution. Perhaps the volume is best characterized as a systematic theoretical examination of those portions of society's economic activities that the

Institutions, Institutional Change and Economic Performance

Examines the role that institutions, defined as the humanly devised constraints that shape human interaction, play in economic performance and how those institutions change and how a model of dynamic

Entrepreneurship: Productive, Unproductive, and Destructive

  • W. Baumol
  • Economics
    Journal of Political Economy
  • 1990
The basic hypothesis is that, while the total supply of entrepreneurs varies among societies, the productive contribution of the society's entrepreneurial activities varies much more because of their

Performing Arts: The Economic Dilemma

quoted generously from the authors. The subtitle, "The Economic Dilemma," succinctly points to the key to the problem and states that in the performing arts the financial basis for the existence of

Austrian and Neoclassical Economics: Any Gains from Trade?

Austrian economics has been important to the development of modern economics, but its role in current practice is much diminished. The neoclassical approach dominates today’s thinking. Many Austrians