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Restless capitalism and the economizing entrepreneur

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This paper explains why capitalistic economies are restless by focusing on the role and the activities by entrepreneurs. The linkage between the entrepreneur and the economy is that as knowledge is a scarce resource, entrepreneurs must economize knowledge to reduce uncertainty if they are to undertake entrepreneurial action. Fortunately, ways of lowering uncertainty are important sources of opportunities for entrepreneurs. However, the exploitation of such sources may in turn increase uncertainty in the economy. Thus, entrepreneurial action reduces and regenerates uncertainty and complexity over time across different dimensions in the economic system. The paper argues that these processes are core mechanisms of economic development, creating interdependencies between the entrepreneur and the economic system.
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Keywords: capitalism; entrepreneurs; knowledge; uncertainty

Document Type: Research Article

Affiliations: 1: Department of Technology Management and Economics, Chalmers University of Technology, Gothenburg, Sweden 2: Institute of Innovation and Entrepreneurship, School of Business, Economics and Law, University of Gothenburg, Gothenburg, Sweden

Publication date: October 1, 2013

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