Exploring the Entrepreneurial Society
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Exploring the Entrepreneurial Society

Institutions, Behaviors and Outcomes

Edited by Jean Bonnet, Marcus Dejardin and Domingo García-Pérez-De-Lema

Entrepreneurship is the engine of economic development, which in turn impacts upon the challenges facing future entrepreneurs. This timely book explores institutional, behavioural and policy issues of primary importance to understanding the entrepreneurial society. Topics covered include entrepreneurship in relation to formal and informal institutions; entrepreneurial choice, orientation and success; entrepreneurial behaviours; entrepreneurial finance, growth and economic crises; and entrepreneurship, social dimensions and outcomes.
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Chapter 13: Entrepreneurship and Schumpeterian growth

Paolo E. Giordani

Abstract

Paolo E. Giordani extends the class of Schumpeterian economic growth models by introducing a role for Knightian uncertainty. His modelling is driven by the idea that producing innovation is an intrinsically uncertain economic activity and, accordingly, that agents can be uncertain about the probability of any innovation occurrence. The proposed model echoes the micro-evidence that suggests a relationship between an individual’s occupational choice, including being an entrepreneur, and their attitude towards uncertainty. With respect to economic growth, it supports the idea that the agent’s attitude towards uncertainty enters an explanation of entrepreneurial innovation and, therefore, of the economic performance of the whole economy.

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