Re-Understanding Entrepreneurship: What It Is and Why It Matters

Re-Understanding Entrepreneurship: What It Is and Why It Matters
by: Weiying Zhang (Author)
Publication Date: 2 May 2024
Language:English
Print Length:378 pages
ISBN-10:100945336X
ISBN-13:9781009453363
Book Description
How do entrepreneurs make decisions in the real world? Why are entrepreneurs absent from mainstream economics? What functions do entrepreneurs play in the market? What type of institutional environment is needed for entrepreneurship to play a role? Neoclassical economics is a market theory without entrepreneurship. This misconception distorts our understanding of how the real market works, leading to a theory of market failure that forms the common foundation of various government interventions. The market is not only an allocative process but, more importantly, a discovery and creative process. To understand the real market, Weiying Zhang argues that economics must shift from a price-centric to an entrepreneur-centric paradigm. Blending theory and narrative, Zhang intersects history with the present supporting his theory with relevant case studies. He argues that once entrepreneurship in the market is correctly understood, the foundation for government intervention is undermined and the economy can sustainably flourish.
About the Author
How do entrepreneurs make decisions in the real world? Why are entrepreneurs absent from mainstream economics? What functions do entrepreneurs play in the market? What type of institutional environment is needed for entrepreneurship to play a role? Neoclassical economics is a market theory without entrepreneurship. This misconception distorts our understanding of how the real market works, leading to a theory of market failure that forms the common foundation of various government interventions. The market is not only an allocative process but, more importantly, a discovery and creative process. To understand the real market, Weiying Zhang argues that economics must shift from a price-centric to an entrepreneur-centric paradigm. Blending theory and narrative, Zhang intersects history with the present supporting his theory with relevant case studies. He argues that once entrepreneurship in the market is correctly understood, the foundation for government intervention is undermined and the economy can sustainably flourish.