Foundations of Entrepreneurial Economics

📋 Course Outline

1. Entrepreneur concept in economic literature
2. Cantillon, Say and Adam Smith views
3. Entrepreneur and capitalist distinction
4. Entrepreneurial function: four core theories
5. Marshall-Leibenstein inefficiency reduction
6. Kirzner profit opportunities from market imbalances
7. Knight uncertainty and future estimation
8. Schumpeter innovation and post-Schumpeter entrepreneur
9. Politicized markets and political performance
10. Five entrepreneurial functions overview

📖 1. Entrepreneur concept in economic literature

🔑 Key Concepts & Definitions

• Entrepreneur : An entrepreneur is an agent responsible for initiating and completing a project under uncertainty.
• Richard Cantillon : Richard Cantillon is the economist credited with coining the term entrepreneur and linking it to uncertainty in future markets.
• Jean-Baptiste Say : Jean-Baptiste Say defined the entrepreneur as the agent who combines productive factors into an operating productive organism.
• Adam Smith : Adam Smith viewed the entrepreneur as someone who organizes productive work and allocates it among workers to raise returns.

📝 Essential Points