Journal Article

The engine of capitalist process: entrepreneurs in economic theory

Abstract: Market economies rely on entrepreneurs as their driving force. In this article, Robert Formaini examines why entrepreneurs are important for us today. He traces the history of the concept of entrepreneurship in economic theory, showing how the concept's popularity has varied greatly since its first use. Formaini seeks to examine the concept's development as one of the key explanatory variables for profit, economic growth, and income differentials. Finally, he investigates the policy implications of adopting different views of entrepreneurs.

Keywords: Economic history; Capitalism;

Bibliographic Information

Provider: Federal Reserve Bank of Dallas

Part of Series: Economic and Financial Policy Review

Publication Date: 2001

Issue: Q IV

Pages: 2-11