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Entrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm.The Microtheory of Innovative Entrepreneurshipprovides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm.William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similar ventures already exist. Baumol puts forward a quasi-formal theoretical analysis of the innovative entrepreneur's influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valuable insights that can be used to design more effective policies.The Microtheory of Innovative Entrepreneurshiplays the foundation for a new kind of microtheory that reflects the innovative entrepreneur's importance to economic growth and prosperity.
Table of Contents
List of Figures and Tables
Preface :The Innovative Entrepreneur in Dynamic Microtheory
Introduction: Bringing Enterpreneurship and Innovation into the Theory of Value
Entrepreneurship in Economic Theory: Reasons for Its Absence and Goals for Its Restoration
Pricing, Remuneration, And Allocation of The Agents of Innovation
Toward Characterization of the Innovation Industry: The David-Goliath Symbiosis
Entrepreneurship, Invention, and Pricing: Toward Static Microtheory
Oligopolistic "Red Queen" Innovation Games, Mandatory Price Discrimination, and Markets in Innovation
Welfare Theory: Technology Transfer, Imitation, And Creative Destruction
Optimal Innovation Spillovers: The Growth-Distribution Trade-off
Enterprising Technology Dissemination: Toward Optimal Transfer Pricing and the Invaluable Contribution of "Mere Imitation"
The Entrepreneur and the Beneficial Externalities of Creative Destruction
Institutions, Payoffs, And The Entrepreneur's Choice of Activity: Historical Origins
Economic Warfare as a "Red Queen" Game: The Emergence of Productive Enterpreneurship
On the Origins of Widespread Productive Enterpreneurship
The Allocation of Entrepreneurship Does Matter
Mega-enterprising Redesign of Governing Institutions: Keystone of Dynamic Microtheory
Summing Up: Yes, the Theory of Entrepreneurship Is on Its Way
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