Microenterprise Education and Economic Development
Edited by Jeremi Brewer and Stephen W. Gibson
Chapter 6: Entrepreneurship in developing economies: transformation, barriers and infrastructure
Over a century ago Joseph Schumpeter (1883-1950) recognized the importance of entrepreneurship for economic development. Schumpeter (1911/1963) conceptually identified the 'entrepreneur as innovator' as a major influence in driving economic growth and development. Schumpeter predicted that an increase in the number of entrepreneurs would result in an increase in economic growth. Writings on economic history pre-twentieth century provide detailed statements that entrepreneurship is critical to long-term economic growth and prosperity. His theory is highly influential, and it is recognized today that entrepreneurship plays a central role in the economy by establishing and developing businesses, which in turn create markets and organizations. Entrepreneurs are major contributors to economic growth, development, and prosperity (Baumol, Litan and Schramm, 2007). They significantly contribute to product and process technological innovation, which drive economic transformation and international trade. They develop new forms of organizations and innovative approaches to business.
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