Economics of Entrepreneurship


In this video Professor Peter Klein traces the development of Economic thought concerning entrepreneurship starting from the late 18th century through contemporary developments. He offers a useful taxonomy of the literature; in which he distinguishes the different perspectives on analyzing entrepreneurship.


Cantillon, R. (1755). Essai sur la Nature du Commerce en Général (H. Higgs, Trans. H. Higgs Ed.). London: Frank Cass and Company.

Schumpeter, Joseph A. 1911. The Theory of Economic Development. Cambridge, Mass.: Harvard University Press, 1934.

Knight, Frank H. 1921. Risk, Uncertainty, and Profit. New York: August M. Kelley.

Baumol, William J. 1993. Entrepreneurship, Management and the Structure of Pay-Offs. Cambridge, Mass.: MIT Press.

Kirzner, Israel M. 1973. Competition and Entrepreneurship. Chicago: University of Chicago Press.

Foss, Nicolai J., and Peter G. Klein. 2012. Organizing Entrepreneurial Judgment: A New Approach to the Firm. Cambridge: Cambridge University Press.