Foundations of Entrepreneurial Theory

📋 Course Outline

1. Evolution of the entrepreneur concept
2. Cantillon, Say and Adam Smith views
3. Entrepreneur and capitalist distinction
4. Entrepreneurial function: Marshall and Leibenstein
5. Kirzner market imbalances and profit opportunities
6. Knight uncertainty and forecasting the future
7. Schumpeter innovation and post-Schumpeter entrepreneur
8. Politicized markets and political performance
9. Five entrepreneurial functions overview

📖 1. Evolution of the entrepreneur concept

🔑 Key Concepts & Definitions

• Economic literature : Economic literature is the body of writings where the entrepreneur figure was gradually analyzed and defined over time.
• Richard Cantillon : Richard Cantillon is the early economist credited with introducing the entrepreneur term and linking it to uncertainty and commitment of costs.
• Jean-Baptiste Say : Jean-Baptiste Say is the economist who defined the entrepreneur as the agent that combines productive elements into an operating organism.
• Adam Smith : Adam Smith is the economist who viewed the entrepreneur as organizing productive work to raise returns within a laissez-faire setting.

📝 Essential Points