No Free Lunch: Economics for A Fallen World

9 | P31W: Enter the Entrepreneur!




1. a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.

Many people want to believe they have entrepreneurial traits, or at least they would like to have those traits. A daring risk-taker with strong initiative—these sound like features I’d like to say describe me, whether or not it matches reality. Not only does this word evoke images of who we’d like to be, but we often think about the results of entrepreneurs such as the late Steve Jobs of Apple Computer or Bill Gates of Microsoft. They seem to have had exciting lives making interesting things, and in the process, making a lot of money. That doesn’t sound too bad either. Perhaps this is why we prefer to focus on the entrepreneur as a person rather than thinking about how entrepreneurship is viewed in economics—as a function to be performed.

Next Page: Entrepreneurship: The Essence of the Market Process »


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