Confronting Economic Theory with Empirical Practice
Chapter 10: Summary, conclusions and policy recommendations
This chapter’s ﬁrst section gives a summarized overview of the preceding chapters of the book. In the next section I provide the main conclusions from combining the ﬁndings of these preceding chapters. Policy recommendations that arise from the results are discussed in the concluding section. Summary Chapter 1 is the ﬁrst chapter of the introductory part (Part I) of the book. It addresses why and how this book uncovers the magic of successful entrepreneurship in an economic context. Individual determinants of successful entrepreneurship are investigated, because insight into these determinants may lead to better policy measures to increase the quality and number of entrepreneurs. These types of policy measures are important since they increase the economic beneﬁts of successful entrepreneurship, that is, increase labour demand and economic development, and decrease the social, private and psychological costs of unsuccessful entrepreneurship. The established scientiﬁc knowledge base of entrepreneurship lacks full insight into these determinants. This insight is gained in the following manner. Chapter 2, the second and last chapter of Part I, reviews some historical contributions to the theory of successful entrepreneurship in such a way that it provides a more thorough understanding of the entrepreneur, entrepreneurial success and the issues that are important in empirical research in this ﬁeld. The relevant ideas of Cantillon, Say, Marshall, Schumpeter, Knight and Kirzner are reviewed. As of the eighteenth century, an important economic function was imputed to the entrepreneur, both in society and in the ﬁrm. The entrepreneur contributes to society and...
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