The entrepreneur : an economic theory

This thoroughly revised and updated new edition of Mark Casson's modern classic The Entrepreneur presents a novel synthesis of the ideas of Joseph Schumpeter, Frank Knight and Friedrich Hayek, according to which the defining characteristic of the entrepreneur is the exercise of judgement in business decisions. This pathbreaking volume argues that good judgement is based on a unique combination of information, and that this information is typically exploited by founding a 'market-making' firm, which links customers and suppliers who could not otherwise make contact with each other. This assessment of entrepreneurship, Mark Casson contends, has important implications for the growth of firms, social mobility and 'enterprise culture'. This second edition is essential reading for scholars of economics, management, business history and economic history. Academics from a wide range of economic schools of thought, both orthodox and heterodox, will find the book to be an original and outstanding work.