You are looking at 1 - 10 of 15 items

  • Author or Editor: William J. Baumol x
Clear All Modify Search
This content is available to you

William J. Baumol

You do not have access to this content

William J. Baumol

You do not have access to this content

William J. Baumol

You do not have access to this content

William J. Baumol

You do not have access to this content

William J. Baumol

You do not have access to this content

William J. Baumol

You do not have access to this content

William J. Baumol

You do not have access to this content

William J. Baumol

Economists first began writing on the subject of entrepreneurship in the eighteenth century. The entrepreneur is most often defined to be an individual who founds and organizes a new business firm, though both narrower and broader interpretations have been employed, with significant implications (see below). The term is often ascribed to the Anglo-Irish writer, Richard Cantillon (1730), though any contemporary copy of his book, which was written in English, has survived only in French translation that he may or may not have carried out himself. The manuscript was lost in the fire set by a servant who first robbed and murdered the author. Before that, and for a considerable time after his death, the terms in usage in the English literature were ‘adventurer’ (as in merchant adventurer) or ‘undertaker’ (a direct translation of the French term or its German counterpart: unternehmer). The place of this topic in the economic literature is curious. There is widespread acknowledgement of its importance, notably for economic growth, accompanied by its virtual absence from the writings of most economists for more than half a century. Many textbooks write of four ‘factors of production’: labour, land, capital and entrepreneurship, and provide at least one chapter for each of the first three, while the fourth, often acknowledged as the leader of the activities of the others, is confined to a few brief remarks or even nothing beyond its initial listing. This has begun to change. There is now a rich empirical literature on topics such as the personal characteristics of the entrepreneurs, their activities, their financial needs, their psychological propensities and their earnings. However, they are still all but absent from formal theory, for reasons that will be discussed presently, along with a description of some recent theoretical excursions at the microeconomic level.

This content is available to you

William J. Baumol

The chapter discusses the public good aspects of the arts which pose a dilemma for pricing policies by arts organisations and for government policy. Discriminatory pricing and Ramsey pricing are proposed as the basis for welfare maximisation and the parity-pricing formula is presented as a solution.