the misunderstood topsoil of our economy: entrepreneurs
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Kavita Singh
Economics Capstone
Dr. Northrop
Spring 2012
The Misunderstood Topsoil of our Economy:
Entrepreneurs
What is an Entrepreneur?risk-bearer under uncertainty
supplier of financial capitalinnovator industrial leader
superintendentorganizer of economic resources
enterprise-ownercontractor
employer of different combinations of factors of production
manager decision-maker arbitrageur allocator of resources
Frank H. Knight (1885-1972)
Risk and Uncertainty
Joseph A. Schumpeter (1883-1950)
Entrepreneurs as central drivers of economic
development
Ludwig von Mises (1881-1973)
Everyone is an
entrepreneur; inherent in
human action
G.L.S. Shackle (1903-1992)
Importance of time in the
entrepreneurial decision-
making process
Israel M. Kirzner (1930-present)
“Alertness” of the entrepreneur
In Summary
Survey of Graduate Textbooks
Important Bits of Previous Graph
In Defense of the Mainstream
“Why Economics Has Soul”
Towards an Economics of Perspectives
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