Kavita Singh

Economics Capstone

Dr. Northrop

Spring 2012

The Misunderstood Topsoil of our Economy:

Entrepreneurs

What is an Entrepreneur?risk-bearer under uncertainty

supplier of financial capitalinnovator industrial leader

superintendentorganizer of economic resources

enterprise-ownercontractor

employer of different combinations of factors of production

manager decision-maker arbitrageur allocator of resources

Frank H. Knight (1885-1972)

Risk and Uncertainty

Joseph A. Schumpeter (1883-1950)

Entrepreneurs as central drivers of economic

development

Ludwig von Mises (1881-1973)

Everyone is an

entrepreneur; inherent in

human action

G.L.S. Shackle (1903-1992)

Importance of time in the

entrepreneurial decision-

making process

Israel M. Kirzner (1930-present)

“Alertness” of the entrepreneur

In Summary

Survey of Graduate Textbooks

Important Bits of Previous Graph

In Defense of the Mainstream

“Why Economics Has Soul”

Towards an Economics of Perspectives