Re-understanding entrepreneurship : what it is and why it matters / Weiying Zhang and Matthew Dale.

Format:

Book

Author/Creator:

Zhang, Weiying, 1959- author.

Dale, Matthew, author.

Language:

English

Subjects (All):

Entrepreneurship.

Physical Description:

1 online resource (xiii, 362 pages) : digital, PDF file(s).

Edition:

First edition.

Place of Publication:

Cambridge, England : Cambridge University Press, [2024]

Summary:

How do entrepreneurs make decisions in the real world? Why are entrepreneurs absent from mainstream economics? What functions do entrepreneurs play in the market? What type of institutional environment is needed for entrepreneurship to play a role? Neoclassical economics is a market theory without entrepreneurship. This misconception distorts our understanding of how the real market works, leading to a theory of market failure that forms the common foundation of various government interventions. The market is not only an allocative process but, more importantly, a discovery and creative process. To understand the real market, Weiying Zhang argues that economics must shift from a price-centric to an entrepreneur-centric paradigm. Blending theory and narrative, Zhang intersects history with the present supporting his theory with relevant case studies. He argues that once entrepreneurship in the market is correctly understood, the foundation for government intervention is undermined and the economy can sustainably flourish

Contents:

Part I : The Nature of Knowledge and Entrepreneurship. Soft knowledge and entrepreneurship

Understanding entrepreneurial decisions

Big data cannot replace entrepreneurs

Prejudice and hostility towards entrepreneurs is common

Part II : Entrepreneurs in Market Theories. The two paradigms of the market

What is a good market theory?

Entrepreneurship is the best anti-monopoly law

Entrepreneurial profit and common prosperity

Part III : Uncertainty of Innovation and Industrial Policy. Entrepreneurs in economic growth: arbitrage and innovation

The uncertainty of innovation

The airship and airplane duel

Entrepreneurship and industrial policy

Part IV : Institutional Ecology of Entrepreneurship. What determines the allocation of entrepreneurial talents?

Entrepreneurs and capitalists

Protection of rights versus protection of interests

Challenges for entrepreneurs from conflicting values

Appendix A : My journey studying entrepreneurs

Appendix B : How I came to know the Austrian School of Economics

Notes:

Title from publisher's bibliographic system (viewed on 02 May 2024).

Description based on print version record.

Includes bibliographical references and index.

ISBN:

9781009453400

1009453408

9781009453417

1009453416

9781009453387

1009453386