The Entrepreneur

The Entrepreneur

An Economic Theory, Second Edition

Mark Casson

This thoroughly revised and updated new edition of Mark Casson’s modern classic The Entrepreneur presents a novel synthesis of the ideas of Joseph Schumpeter, Frank Knight and Friedrich Hayek, according to which the defining characteristic of the entrepreneur is the exercise of judgement in business decisions.

Chapter 15: Conclusions

Mark Casson

Subjects: business and management, entrepreneurship, economics and finance, economics of entrepreneurship


15.1 WELCOME BACK, JACK BRASH! It is now time to return to the point at which we began, namely the biography of Jack Brash, entrepreneur. Jack Brash is to entrepreneurship what King Arthur is to chivalry: a legendary figure who personifies qualities which society believes to be important. The biography of Jack Brash can be seen in another light, however. In this chapter it is used to illustrate some of the main predictions of the theory of entrepreneurship. It cannot of course be used to test them, since, as we have seen, the ‘rags to riches’ career of Jack Brash is very much the exception rather than the rule. Indeed, the predictions of the theory of entrepreneurship do not depend upon the identification of a particular individual, or group of individuals, as entrepreneurs. The predictions of the theory relate to all individuals, and specifically to the interactions between them. Entrepreneurship is about economic and social processes as a whole. It is about the interaction between one entrepreneur and another, between entrepreneurs and non-entrepreneurs, between leaders and followers, successes and failures, and so on. The case of Jack Brash can, however, be used to illustrate these economic and social processes: to show how they impinge upon one particular individual, and how certain key individuals can influence the way that the processes evolve. 15.2 ACCESS TO INFORMATION This section presents three hypotheses about the role of information in stimulating entrepreneurial activity. (i) Information about profit opportunities needs...

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