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Foundations of contemporary economics: William Baumol and entrepreneurship

Henrik Egbert - Anhalt University of Applied Sciences, Germany
Teodor Sedlarski - Sofia University St. Kliment Ohridski
Received: 07 Jun 2022
Revised:
Published:
Downloads: 0
Citations: 0
Issue 5/2019
JEL А10
DOI https://doi.org/10.56497/etj1964505

Abstract

A short summary is made of William Baumols’ contributions to economic theory. Baumol (1922-2017) had a vivid interest in many different areas within the field of economics and substantially improved (in co-authorship) the quality of the research on the theory of environmental economics, industrial organization and entrepreneurship. The focus of the present paper is placed on his work on entrepreneurship. The institutional framework of a society makes its entrepreneurs either productive or unproductive and in some cases even destructive. This logic implies that economic policy can be used in order to make entrepreneurs become productive for a society and thus to induce growth, wealth and development.

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