The entrepreneur and modern economic theory

Law of Markets

The entrepreneur has been written out of economic theory. Let me explain:

    • the dominance over the past century of the economics of the English speaking countries
    • the absence of discussion of the entrepreneur in the economic literature written in English
    • the meaning of “entrepreneur” comes from the French entreprendre which means to undertake and therefore entrepreneur in English is literally translated as “undertaker” which has its other more common meaning as someone who buries people for a living – a morbid connection
    • interestingly as a sidelight, the German word to undertake is unternahmen and therefore the German for entrepreneur is unternehmer but in this case with none of the morbid connectivity of English
    • Mill in 1848 was discussing the need for an English equivalent of entrepreneur and lamented that no such term existed
    • Schumpeter’s notion of an entrepreneur embeds innovation
    • the Rothbardian version…

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