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The engine of capitalist process: entrepreneurs in economic theory.
- Article from:
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Economic & Financial Review
- Article date:
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October 1, 2001
- Author:
- Formaini, Robert L.
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Copyright informationCOPYRIGHT 2001 Federal Reserve Bank of Dallas. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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.
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