Entrepreneurship and the Market Process

What is the significance of entrepreneurship in an economy? Scholars have argued that when the market is viewed as a process of perpetual adjustment to various forces, and not as a set of end-state prices and quantities simply arrived at, the role of the entrepreneur comes to the fore. What then are fruitful ways to conceive of the phenomenon of entrepreneurship? How do entrepreneurs both respond to and shape larger forces in the economy? In what ways can political institutions and government regulation shape the decisions made by entrepreneurs, and their responsiveness to consumers? How does the cultural environment influence the types of opportunities that an entrepreneur will notice and act on? Finally, is entrepreneurial behavior strictly limited to activity we see in the market?

This edited volume--comprised of chapters by scholars and students studying from the disciplines of sociology and economics--examines entrepreneurship theoretically and applied to various cases. It provides an overview of the economic literature on entrepreneurship and puts forth a framework for understanding the market process, as well the policy implications of government intervention and cultural considerations in the market. It will be of use to any scholars, students, practitioners or policymakers interested in entrepreneurship.

Arielle John is Senior Research Fellow, Associate Director of Academic and Student Programs, and Senior Fellow for the F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at the Mercatus Center at George Mason University, USA. Prior to joining the Mercatus Center, she was an Assistant Professor of Economics at Beloit College from 2014-2015, and then worked as the advisor to the Minister of Public Administration and Communications in the Government of the Republic of Trinidad and Tobago.

Diana W. Thomas is Associate Professor of Economics at Creighton University’s Heider College of Business, USA. She is also Director of the Institute for Economic Inquiry at Creighton University. She was previously an Assistant Professor of economics at the Jon M. Huntsman School of Business at Utah State University.