Entrepreneur: an Economic Theory
preneur The Entrepreneur
Team FOS
Dedicated to the memory of my cousin Nowell Barlow
The Entrepreneur
An Economic Theory, Second Edition
Mark Casson
Professor of Economics, University of Reading, UK
Edward Elgar
Cheltenham, UK • Northampton, MA, USA
© Mark Casson 1982, 2003 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Publishing, Inc. 136 West Street Suite 202 Northampton Massachusetts 01060 USA First published 1982 Second edition 2003 A catalogue record for this book is available from the British Library
Library of Congress Cataloguing in Publication Data Casson, Mark, 1945– The entrepreneur : an economic theory / Mark Casson.— 2nd ed. p. cm. Includes bibliographical references and index. 1. Entrepreneurship. I. Title. HB615 .C37 2003 338 '.04—dc21 2002037937 ISBN 1 85898 910 8 (cased) Typeset by Manton Typesetters, Louth, Lincolnshire, UK. Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall.
Contents
List of figures List of tables Preface to the second edition Introduction PART I THEORETICAL FOUNDATIONS 9 19 34 43 56 vi vii viii 1
1 The significance of the entrepreneur 2 Basic concepts of the theory 3 The entrepreneur as intermediator 4 The competitive threat to the entrepreneur 5 Partial coordination: the case of innovation PART II THE MARKET-MAKING FIRM
6 Making a market 7 Internal and external markets 8 The market for information 9 Speculative intermediation and the role of inventory management 10 Organizing the supply of market-making services PART III SYNTHESIS 11 12 13 14 15 Growth and dynamics of the firm The market for entrepreneurs Social mobility and the entrepreneur Alternative
Team FOS
Dedicated to the memory of my cousin Nowell Barlow
The Entrepreneur
An Economic Theory, Second Edition
Mark Casson
Professor of Economics, University of Reading, UK
Edward Elgar
Cheltenham, UK • Northampton, MA, USA
© Mark Casson 1982, 2003 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Publishing, Inc. 136 West Street Suite 202 Northampton Massachusetts 01060 USA First published 1982 Second edition 2003 A catalogue record for this book is available from the British Library
Library of Congress Cataloguing in Publication Data Casson, Mark, 1945– The entrepreneur : an economic theory / Mark Casson.— 2nd ed. p. cm. Includes bibliographical references and index. 1. Entrepreneurship. I. Title. HB615 .C37 2003 338 '.04—dc21 2002037937 ISBN 1 85898 910 8 (cased) Typeset by Manton Typesetters, Louth, Lincolnshire, UK. Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall.
Contents
List of figures List of tables Preface to the second edition Introduction PART I THEORETICAL FOUNDATIONS 9 19 34 43 56 vi vii viii 1
1 The significance of the entrepreneur 2 Basic concepts of the theory 3 The entrepreneur as intermediator 4 The competitive threat to the entrepreneur 5 Partial coordination: the case of innovation PART II THE MARKET-MAKING FIRM
6 Making a market 7 Internal and external markets 8 The market for information 9 Speculative intermediation and the role of inventory management 10 Organizing the supply of market-making services PART III SYNTHESIS 11 12 13 14 15 Growth and dynamics of the firm The market for entrepreneurs Social mobility and the entrepreneur Alternative
References: Synthesis approach has recently been sympathetically reviewed by Shackle (1981)