Journal ArticleDOI
A Theory of Entrepreneurship and Its Application to the Study of Business Transfers
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In this article, the authors formalize a view of entrepreneurship in the spirit of Theodore W. Schultz and define entrepreneurs as those individuals who respond to the opportunities for creating new products (and the like) that arise because of technological progress.Abstract:
We formalize a view of entrepreneurship in the spirit of Theodore W. Schultz. In this view, entrepreneurs are those individuals who respond to the opportunities for creating new products (and the like) that arise because of technological progress, for example. The theory has implications for entry and exit, specialization of labor, and business transfers. These business transfers correspond to, among other things, individuals changing jobs an sales of firms. Transfers are seen as a mechanism facilitating division of labor. We also discuss evidence on business transfers that occur through sales of firms.read more
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Journal ArticleDOI
What Makes an Entrepreneur
TL;DR: In this paper, the authors used various micro data sets to study entrepreneurship and found that the probability of self-employment depends positively upon whether the individual ever received an inheritance or gift, and that the self-employed report higher levels of job and life satisfaction than employees.
Journal ArticleDOI
The Knowledge Spillover Theory of Entrepreneurship
TL;DR: This article developed a knowledge spillover theory of entrepreneurship, which argued that knowledge created endogenously results in knowledge spillovers, which allow entrepreneurs to identify and exploit opportunities, and then use this knowledge to increase economic growth.
Book ChapterDOI
Knowledge Spillovers and the Geography of Innovation
TL;DR: In this article, a rich tradition of analyzing the role of both localization and urbanization economies, by extending the focus to the organization of economic activity within a spatial dimension and examine how different organizational aspects influence economic performance.
Book ChapterDOI
The Impact of Entrepreneurship on Economic Growth
Martin Carree,Roy Thurik +1 more
TL;DR: In this article, the consequences of entrepreneurship for macro-economic growth are discussed, including the effects of the choice between entrepreneurship and employment, and the effect of entrepreneurship in endogenous growth models.
References
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Book
The theory of the growth of the firm
TL;DR: In this article, the authors studied the role of large and small firms in a growing economy and found that large firms are more likely to acquire and merge smaller firms in order to increase their size.
Posted Content
The Theory of the Growth of the Firm
TL;DR: The Theory of the Growth of the Firm has illuminated and inspired thinking in strategy, entrepreneurship, knowledge creation, and innovation as discussed by the authors, and only a handful in business and management whose insights and ideas last for 50 years and more.
Journal ArticleDOI
An Estimated Model of Entrepreneurial Choice under Liquidity Constraints
David S. Evans,Boyan Jovanovic +1 more
TL;DR: The authors show that the data point to liquidity constraints: capital is essential for starting a business, and liquidity constraints tend to exclude those with insufficient funds at their disposal, and a would-be entrepreneur must bear most of the risk inherent in his venture.
Journal ArticleDOI
Good News and Bad News: Representation Theorems and Applications
TL;DR: In this article, a notion of "favorableness" of news is introduced, characterized, and applied to four simple models: the arrival of good news about a firm's prospects always causes its share price to rise, more favorable evidence about an agent's effort leads the principal to pay a larger bonus, buyers expect that any product information withheld by a salesman is unfavorable to his product, and bidders figure that low bids by their competitors signal a low value for the object being sold.