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Entrepreneurship and economic growth
Author(s) -
Baumol William J.,
Strom Robert J.
Publication year - 2007
Publication title -
strategic entrepreneurship journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 5.061
H-Index - 46
eISSN - 1932-443X
pISSN - 1932-4391
DOI - 10.1002/sej.26
Subject(s) - prestige , entrepreneurship , government (linguistics) , production (economics) , business , strategic management , welfare , power (physics) , economic system , industrial organization , marketing , economics , market economy , public economics , finance , macroeconomics , quantum mechanics , philosophy , linguistics , physics
Entrepreneurs who focus on innovation in their products, their production techniques, and their markets play a key role in economic growth. The direction of their activity is guided by their goals: wealth, power, and prestige. Current institutions, shaped by history and government are critical in determining where entrepreneurs will find it most promising to direct their efforts, sometimes, but not always, benefiting the general welfare. One goal of good policy, therefore, is redesign of institutions so as to attract entrepreneurial activity to beneficial directions. Copyright © 2008 Strategic Management Society.