Entrepreneurship

The Entrepreneur is the basic building block of a Market Economy. He takes the risk, organises the work, and mortgages his home to raise the funds—all in order to produce something that that will please the customer to such an extent that the entrepreneur will not only recover his costs but also reap a profit. This chapter will argue that there exists no useful theory of the entrepreneur, and that the most important person determining the emergence of entrepreneurship in a society is the bureaucrat. On both grounds, it will follow that economics has very little to say about the central persona in the drama of economic development.