Release date: August 2010
Entrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently the study of entrepreneurship was not considered a subject worthy of serious economic interest. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm. William Baumol puts forward a quasi-formal theoretical analysis of the innovative entrepreneur’s influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valu¬able insights that can be used to design more effective policies.
William J. Baumol is professor of economics and academic director of the Berkley Center for Entrepreneurial Studies at New York University. His many books include The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism and The Invention of Enterprise: Entrepreneurship from Ancient Mesopotamia to Modern Times (both Princeton).
Learn more on the Princeton University Press site