Defining the Role of the Entrepreneur in Economic Thought: Limitations of Mainstream Economics

نویسندگان

  • Gamal Ibrahim
  • Shailendra Vyakarnam
چکیده

The main stimulus for this paper is that despite the early recognition of the need to incorporate a functional role for entrepreneurship in economics, this functional role has been absent in the modern theory of microeconomics, which largely adheres to neo-classical general equilibrium economics. This survey article, which focuses on the entrepreneur in economics shows that the strict assumptions underpinning mainstream economics have been limited with regards to innovation, creativity and foresight, which are essential ingredients of entrepreneurial functions. The outcomes of such misplaced and narrow views of mainstream economics puts at risk effective policy and relevant research. Tentative suggestions for research and policy are put forward in the conclusion.

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تاریخ انتشار 2002