No Free Lunch: Economics for A Fallen World

9 | P31W: Enter the Entrepreneur!

It’s a Wrap!

The Proverbs 31 Woman provided an excellent case study of the functions of entrepreneurship as well as some of the entrepreneurial attributes. But her entrepreneurship was embedded in a cultural and institutional context—she had the freedom to produce and trade. She had the legal ability to purchase assets and meet market needs, once she anticipated future market conditions. In this chapter, we began our examination of the market process by introducing the entrepreneur. Markets can’t live without entrepreneurs; they navigate the turbulent waters of time and uncertainty. But markets can’t live with only entrepreneurs—they need an institutional framework to steer entrepreneurs through the market process. The most creative and alert people are nevertheless shackled if they don’t have institutions that allow them to use their gifts. How do institutions enable entrepreneurship? That is the subject of our next chapter.

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