Economic Theories of Entrepreneurship

Julie McFarlane

    Research output: Chapter in Book/Report/Conference proceedingChapter


    What is entrepreneurship? Since the turn of the century, there has been
    increased global interest in entrepreneurship both by individual theorists and
    by institutions. This is significant because over the last quarter of a century
    there has been a remarkable renaissance in terms of the recognition of small
    firms’ “centrality as a necessary competitive instrument in the development
    of a modern, vibrant and progressive economy” (Beaver and Prince, 2004, p.
    34). The economics literature acknowledges the central role of entrepreneurs
    in economic development, the creation of wealth and evolutionary change.
    In the United Kingdom alone, over 5.2 million businesses are operating as of
    2015; of those, 99% are SMEs, accounting for 14.5 million people in employed
    positions (Federation of Small Business, 2015). The literature suggests that it
    is entrepreneurs who are the driving force of such a revolution, in the form of
    an economic trend that is transforming and in some cases renewing economies
    worldwide, contributing not only to employment but also to economic, social
    and political stability. Therefore, it is vital to develop an understanding of the
    complex field of entrepreneurship by drawing on the early entrepreneurship
    literature, and by evaluating and understanding the wider contributions to the
    now-established distinctive economic theories of the entrepreneur.
    Original languageEnglish
    Title of host publicationEnterprise
    Subtitle of host publicationConcepts and Issues
    EditorsNorin Arshed, Mike Danson
    PublisherGoodfellow Publishers
    Number of pages20
    ISBN (Print) 978-1-910158-75-3
    Publication statusPublished - Jan 2016

    Publication series

    NameGlobal Management Series


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