Thurik: entreprenomics, entrepreneurship, economic growth & policy
13 important questions on Thurik: entreprenomics, entrepreneurship, economic growth & policy
There are six channels of policy intervention
- Demand side of entrepreneurship
- supply side of entrepreneurship
- influence abilities and resources of potential entrepreneurs
- works through preferences of individuals to become entrepreneur
- directed at decision making of individuals
- accesibility of markets
14 dimensions of differences between ME and EE (comes back in other article), seperated in 4 groups:
- underlying forces: localization vs globalization, change vs. continuity, jobs with high wages vs. jobs or high wages
- External environment: turbulence vs. stability, diversity vs. specialization, heterogeneity vs. homogeneity
- how firms function: motivation vs. control, market exchange vs. firm transaction, competition with cooperation vs, competition or cooperation, flexibility vs. scale
- Government policy: enabling vs. constraining, input targeting vs. output, national locus vs. local locus, entrepreneurs vs. incumbents
Two Schumpeterian regimes had two broad concepts of economics:
- Managed economy: flourished for most of last century. Based on relative certain ouputs, which consisted mainly of manufactured products and were brought forward by traditional inputs: labour, capital and land
- Entrepreneurial economy: based on elements like flexibility, turbulence, diversity, creativity and novelty.
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Schumpeter Mark II regime focuses on
- Innovative activities by LE
- LE outperforms SE in innovation through a strong positive feedback loop from innovation
Since last decade of 20th century, changed role for SE
- More and more seen as vehicle for entrepreneurship
- contributes not just to employment, and social/political stabilty, but to innovative and competitive power
- Entrepreneurship and SE seen as drivers of growth
Technology developments and demand shifts, give resource availability, and thus generate new business opportunities. These can be exploited by
- Existing firms
- creation of new ventures by entrepreneurs
- LE, reffered as corporate entrepreneurship or intrapreneurship
Three levels of analysis are distinguished when explaining entrepreneurship
- Micro: decission process of individu, and their motives of becoming self-employed.
- Industry: market specific determinants of entrepreneurship, as profit opportunities
- Macro: range of environmental factors, as technological, economic and cultural variables
Three ways in which entrepreneurial capital affects economic growth
- Creating knowledge spillovers: knowledge worker may exit firm in order to create new company, knowledge spills over to new firm in which its commercialized.
- Number of enterprises and increasing competition: enhance competition of new ideas, and facilitates specializing in particular niche
- Providing diversity among firms: greater number of firms, and greater variety in firms and geographic
Emergence of entrepreneurial economy
- Fundamental changes in world economy in 70s
- Led to global competition, increase in uncertainty and market fragmentation
- Computer caused flexible automation, which effected shift from LE to SE
- Shift towards knowledge based economy is the driving force behind shift from LE to SE
Schumpeter Mark I regime's main characteristic was process of creative destruction
- innovation entrepreneur challenges incumbent firms by introducing new inventions
- this make current technologies and products obsolete and thus driving them out of market
Five distinct stages, of evolution of Europa toward EE
- Denial: 80s and early 90s. Europe was facing competitive threat of LE from US, not nameless SE
- Recognition: mid 90s. held to traditional ideas, while embracing theory of comparative advantage and challenging resources
- Envy: second half 90s. Europe stagnated, and EE in US generated jobs and higher wages, become object of envy
- Consensus: last years 90s. New EE was superior to old ME, had to be forged in creating a new EE
- Attainment: signs that EE is finally emerging in Europe, consider Green Paper
Three entrepreneurial roles
- Role of innovator: Schumpeter had most attention to innovative entrepreneur, who carries out new combinations to what we call enterprises
- Role of perceiving profit opportunities: labeled Kirznerian entrepreneurship
- Role of assuming risk associated with uncertainty: Knightian or neoclassical entrepreneurship
Green Paper on Entrepreneurship of European Commission
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