ENTREPRENEURSHIP â€“ THE OVERSEEN DETERMINANT OF ECONOMIC GROWTH IN MODERN ENDOGENOUS GROWTH THEORY
AbstractModern growth theory does not incorporate entrepreneurship. This paper introduces entrepreneurship as key to economic growth. It starts by explaining the development of the theory of entrepreneurship, reviews several versions of modern endogenous theory and introduces the concepts of entrepreneurship on the level of the individual and on the level of the firm. The paper explains why growth theory requires the notion of entrepreneurship, in order to be more truthful. The paper derives some policy recommendations.
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