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THEORIES OF ENTREPRENEURSHIP, INNOVATION AND THE BUSINESS CYCLE
Author(s) -
Parker Simon C.
Publication year - 2012
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/j.1467-6419.2012.00728.x
Subject(s) - business cycle , entrepreneurship , economics , key (lock) , creative destruction , production (economics) , industrial organization , neoclassical economics , microeconomics , macroeconomics , computer science , computer security , finance
This paper discusses several prominent economic theories which link entrepreneurs and their innovations to the creation and magnitude of business cycles. I distinguish three broad classes of theories: models of creative destruction; models of innovation and implementation cycles; and models of production under asymmetric information. Key insights of the theories are identified, policy implications are drawn, and suggestions for future research are proposed.