Summary
Contents
Subject index
In this groundbreaking textbook approach to the study of entrepreneurship, Robert Mellor brings to the non-specialist not only the crucial issues of the field that they will need to know, but also bridges the gap between business knowledge and expert knowledge from other disciplines. The textbook provides relevant and targeted specialist chapters aimed towards a variety of fields - from sustainable industries, information technology; healthcare, biotechnology, as well as the musical and creative industries. Key entrepreneurship concepts that are covered include:- the theories and tools of creative thinking- market research - intellectual property protection- relevant economics
The Economics of Entrepreneurship and Innovation
The Economics of Entrepreneurship and Innovation
Introduction
In this chapter, entrepreneurship is introduced in its economic and academic setting; an economic theory and practice outside the perimeter of classical input-output economics. By the beginning of the twentieth century, neo-classical economics had refined the theory of the capitalist economy to one where the central concept is market equilibrium, and where market supply equals demand in a perfectly competitive market. In this scheme there is little place for innovative entrepreneurs and, interestingly, communist theoreticians also belittled entrepreneurs as merely being factors adding to the ‘background noise’ in the grand historical imperative. The benefits of economies of scale, i.e. the supremacy of the large corporation, remained the dominant theory (see e.g. Galbraith, 1967) ...
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