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Title:Is neoclassical economics still entrepreneurless? PDF Logo
Authors:Bianchi, Milo
Henrekson, Magnus
Issue Date:2005
Series/Report no.:SSE/EFI Working Paper Series in Economics and Finance 584
Abstract:We review and evaluate some recent contributions on the modeling of entrepreneurship within a neoclassical framework, analyzing how and to what extent the fundamental ingredients suggested in the social science literature were captured. We show how these approaches are important in stressing the main elements of a complex picture without being able to completely describe it. However, each modeling attempt focuses only on one specific feature of entrepreneurship. The entrepreneurial function broadly perceived eludes analytical tractability. As a consequence, the models can be useful in analyzing the effect of entrepreneurial behavior at an aggregate level, but not at explaining individual choices. From these observations we highlight how a simplistic interpretation of the existing mainstream approaches incorporating entrepreneurship runs the risk of leading to distortionary policy interventions.
Subjects:Entrepreneurial Choice
Entrepreneurship
Innovation
Neoclassical Modeling
Uncertainty
JEL:B41
D81
J23
L23
M13
O31
Document Type:Working Paper
Appears in Collections:SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics

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