ENTREPRENEURSHIP IN THE HISTORY OF ECONOMIC THOUGHT

Paper number: 95/15

Paper date: October 1995

Year: 1995

Paper Category: Discussion Paper

Authors

Mark Blaug
University of Exeter*

Abstract

A survey of the theory of entrepreneurship from Cantillon to Schumpeter and Knight focussing on the virtual dissapearance of entrepreneurship in economic thought after 1870. Since then the concept has made a comeback in the writings of modern Austrians, such as Hayek and Kirzner. Kirzner's arbitrage-theory of entrepreneurship is contrasted with the non-Austrian theory of entrepreneurship in "new" institutionalist theory of the firm.

JEL Classification numbers: B1, B2 and L2.
Keywords: Entrepreneurship, transition costs, arbitrage.

*Mailing address: Department of Economics, University of Exeter, Amory Building, Rennes Drive, Exeter, Devon, England. EX4 4RJ.