A History of Entrepreneurship by Hébert Robert F. Link Albert N

Author:Hébert, Robert F.,Link, Albert N.
Language: eng
Format: epub
Publisher: Taylor & Francis (CAM)
Published: 2011-01-31T16:00:00+00:00

It is safe to say that enterprise which depends on hopes stretching into the future benefits the community as a whole. But individual initiative will only be adequate when reasonable calculation is supplemented and supported by animal spirits, so that the thought of ultimate loss which overtakes pioneers, as experience undoubtedly tells us and them, is put aside as a healthy man puts aside the expectation of death.

(Keynes 1964, p. 161)

In the final analysis, Keynes’ explanation of entrepreneurial activity rests as much on whim, sentiment, or chance as it does on rational expectations of profit opportunities. Psychologically this may be on the mark, but from an analytical standpoint, it is a dead end.

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