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Peter G. Klein

This chapter utilizes the economic theory of organizations to provide an analysis of central banking and the U.S. Federal Reserve System. Challenges to independent central banking systems such as information issues regarding the optimal quantity of money for society and bureaucratic issues are explored. The role and performance of the Federal Reserve leading up to the Great Recession and during the aftermath are assessed. Federal Reserve independence and power are explored. The chapter debates the need for a central bank, ultimately concluding with a discussion of alternatives to the current state of central banking. Keywords: Monetary policy, Federal Reserve, entrepreneurship

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Roisin Lyons, Theodore Lynn and Ciarán Mac an Bhaird

In instances where students work together in teams, social loafing is a phenomenon whereby students fail to contribute fairly. This chapter assesses the level of social loafing which occurs in an entrepreneurship education context, using a sample of 269 student teams (232 undergraduate and 37 postgraduate) from an Irish university. Social loafing was discussed using the Collective Effort Model as the theoretical model, where it was hypothesized that the effort the team invested in the creation of the team governance contract (‘the team signatory code’) would predict performance and social loafing. Results indicated that for both groups collective effort significantly predicted team performance. Social loafing did not have a significant relationship with performance in the undergraduate class group; however, a significant and negative relationship was viewed with the postgraduate group. This may be an indication that there may be more students willing to do more than their fair share to prevent overall poor team performance in younger cohorts. The chapter adds to the growing body of knowledge surrounding teamwork in entrepreneurship education, and offers findings supporting the use of the team-signatory code in this context.

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Pavel A. Yakovlev and Saurav Roychoudhury

In this chapter, we review different types of entrepreneurship and the institutional environment in which they prosper, followed by a more detailed analysis of how government regulations and taxation may affect entrepreneurial and migration decisions. Several studies suggest that entrepreneurship and migration go hand in hand. Unfortunately, U.S. government policy has not always been kind to domestic and immigrant entrepreneurs alike. This chapter discusses how major U.S. government regulations in general, and taxes in particular, impose a significant burden on productive entrepreneurs, especially on those who run a small business. Particular attention is paid to the estate tax, which may have a disproportionate negative effect on small firms. Keywords: Entrepreneurship, regulation, taxation, migration

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James Fetzner and Gregory M. Randolph

Regulation impacts the activities of entrepreneurs in a fundamental and continuous way. Scholars and policymakers have considered the impact of regulation and attempting to promote regulatory reform for decades, with only modest success on both fronts. We seek in this chapter to delve deeper, and afresh, into this critical subject matter in hopes of stimulating creative academic and public thought and conversation. Regulation at the federal level in the U.S. is examined through the utilization of several regulatory survey studies. The rationale for the use of regulation is discussed, focusing on the costs and benefits associated with different methods available to address economic and social problems. The chapter concludes by providing an overview of the current regulatory process in the U.S. and reviewing potential reforms aimed at improving regulatory performance. Keywords: Regulation, entrepreneurship, regulatory reform

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Edited by Gregory M. Randolph, Michael T. Tasto and Robert F. Salvino Jr.

This exciting book provides fresh insight into how institutions, governments, regulations, economic freedom and morality impact entrepreneurship and public policy. Each chapter contains a rigorous analysis of the consequences of public policy and the effects of institutional decisions on the productivity of entrepreneurs. These chapters will help policymakers direct their efforts at creating a positive economic environment for entrepreneurs to flourish and for scholars to better understand the role policy plays on entrepreneurial activity.
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Mohd Rashan Shah Robuan, Inmaculada Jaén and Francisco Liñán

The main objective of this study is to analyse the specificities and difficulties involved in developing entrepreneurship in Malaysia. This is done through a case study of a newly implemented entrepreneurship education programme (EEP) at one public university, offered to multidiscipline and multi-ethnic students in that country. This case study describes the EEP and the characteristics of the participating students. The Theory of Planned Behaviour (TPB) is used as an evaluation framework. Data were gathered through quantitative surveys from the basic (N = 308), intermediate (N = 17) and advanced (N = 19) courses. The results show the initial interest in entrepreneurship, with the Bumiputera ethnic group scoring the lowest. As expected, participants in the elective courses exhibit higher entrepreneurial intention when compared to those taking the compulsory course. The study also highlights the very high barriers to start-up perceived by these students. This chapter is novel in that it assesses the possibility of developing graduate entrepreneurs as a means to comply with the constitutional mandate in Malaysia to improve the situation of Bumiputera.

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Edited by Gregory M. Randolph, Michael T. Tasto and Robert F. Salvino Jr.

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Matt E. Ryan

This chapter explores the relationship between politics and entrepreneurship. While the aim of the U.S. House Select Committee on Small Business is presumably to increase entrepreneurial activity, state measures of entrepreneurship show the opposite effect as states with representatives on the committee have lower levels of entrepreneurship. This relationship between state committee representation and state-level entrepreneurship is examined by evaluating congressional dominance. The findings in this chapter suggest that politicians cannot spur entrepreneurship, and may even deter productive entrepreneurship. Keywords: Politics, entrepreneurship, congressional committees

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Inna Kozlinska, Tõnis Mets and Kärt Rõigas

The empirical study presented in this chapter addresses a major gap in entrepreneurship education (EE) research: the lack of empirical evidence that the experiential approach to teaching is associated with superior outcomes in comparison to the traditional approach. It focuses on perceived learning outcomes specifically and applies the tripartite competence framework to assess them. The analysis is based on eight semi-structured interviews with entrepreneurship educators and a survey of 306 imminent and recent bachelor’s graduates taught by the interviewed educators at four Latvian business schools. The study has somewhat unexpected results, revealing that more experiential EE does not necessarily lead to better outcomes, and in some cases is even associated with an adverse effect, and that other factors unrelated to the interventions-in-question directly exhibit significant influence on these outcomes.

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Michael T. Tasto

The 2008–09 recession in the U.S. left many states struggling with an eroding tax base and declining overall economic activity, resulting in difficult choices for their annual budget. The two choices every state faced was to either cut their spending on programs or raise revenue from existing sources (through higher tax rates). There was one possible alternative to those tough choices, which was to search out and recruit businesses to relocate to their state—thus increasing the tax base, employment, income, and economic development. States have been competing with one another, at least anecdotally, in their attempts to recruit relocating businesses. This competition leads to a “race to the bottom,” or states basically giving away many incentives that benefit only a few at the cost of the many taxpayers who already live there. How do these decisions by states affect entrepreneurs and the incentives they now face? This race to the bottom by states opens the door for an increase in unproductive entrepreneurship. Keywords: Entrepreneurship, state economic policy