Friday, March 25, 2005

Dallas Fed: Entrepreneurs are Engine of Capitalism

Some of the simplest questions often asked about economic performance have the most complex answers. Three examples: How can profit exist? What causes economic growth? How does a market economy coordinate resource use? Over the long history of the development
of economic doctrine, many great minds have wrestled with these questions and many have turned to the concept of the entrepreneur.

This term has long been used by economists, albeit with varying emphases at different
times, and recently enjoyed a renaissance in economic and business school pedagogy because of the Internet’s evolution and the smallbusiness explosion it generated. The concept remains relevant as America’s economy enters the new millennium, for how we treat our entrepreneurs has immediate and profound effects on our overall national economic performance and the direction of economic activity.



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