The engine of capitalist process: entrepreneurs in economic theory.

Market economies rely on entrepreneurs as their driving force. In this article, Robert Formaini examines why entrepreneurs are important for us today. He traces the history of the concept of entrepreneurship in economic theory, showing how the concept's popularity has varied greatly since its first use. Formaini seeks to examine the concept's development as one of the key explanatory variables for profit, economic growth, and income differentials. Finally, he investigates the policy implications of adopting different views of entrepreneurs.

Let us call a halt to this imaginary dialogue [between Karl Marx and Joseph Schumpeter] and return to the main subject at hand: the neglect of ...

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