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Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entrepreneur (French: [ɑ̃tʁəpʁənœʁ]) is an individual who creates and/or invests in one or more businesses ...
Entrepreneurial economics is the field of study that focuses on the study of entrepreneur and entrepreneurship within the economy. The accumulation of factors of production per se does not explain economic development . [ 1 ]
Entrepreneurship is also sometimes considered a factor of production. [4] Sometimes the overall state of technology is described as a factor of production. [5] The number and definition of factors vary, depending on theoretical purpose, empirical emphasis, or school of economics. [6]
Also, entrepreneurship is usually perceived as the cure-all solution for deprivation depletion. Advocates assert that it guides to job design, higher earnings, and lower deprivation prices in the towns within it happens. Others disagree that numerous entrepreneurs are generating low-capacity companies helping regional markets. [13]
Innovation economics is a growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological but not only, into economic use.
An entrepreneur is further defined by Say as someone who "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield." [ 41 ] The difference between "entrepreneurship" and "social entrepreneurship", however, stems from the purpose of a creation.
Kirzner's research on entrepreneurship economics is also widely recognized. [2] His book, Competition and Entrepreneurship criticizes neoclassical theory for its preoccupation with the model of perfect competition, which neglects the important role of the entrepreneur in economic life. Kirzner's work integrating entrepreneurial action into ...
The entrepreneur disturbs this equilibrium and is the prime cause of economic development, which proceeds cyclically along with several time scales. In fashioning this theory connecting innovations, cycles, and development, Schumpeter kept alive the Russian Nikolai Kondratiev 's ideas on 50-year cycles, Kondratiev waves .