Restless Capitalism and the economizing entrepreneur

• This paper explains why capitalistic economies are restless by focusing on the role and the activities by entrepreneurs. The linkage between the entrepreneur and the economy is that as knowledge is a scarce resource, entrepreneurs must economize knowledge to reduce uncertainty if they are to undertake entrepreneurial action. Fortunately, ways of lowering uncertainty are important sources of opportunities for entrepreneurs. How- ever, the exploitation of such sources may in turn increase uncertainty in the economy. Thus, entrepreneurial action reduces and regenerates uncertainty and complexity over time across different dimensions in the economic system. The paper argues that these processes are core mechanisms of economic development, creating interdependencies between the entrepreneur and the economic system.

Subject headings

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business (hsv//eng)

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Economics (hsv//eng)

Keyword

capitalism

knowledge

uncertainty

entrepreneurs

capitalism; entrepreneurs; knowledge; uncertainty

Publication and Content Type

art (subject category)

ref (subject category)