Entrepreneurship and Innovation: An Economic Approach

Contents......Page 7
List of Tables and Figures......Page 11
Acknowledgments......Page 13
The Transformation of Human Activity......Page 17
A Brief Economic History of Entrepreneurship in America......Page 19
A Brief Outline of the Remaining Chapters......Page 25
Entrepreneurial Biography 1: Robert Walker......Page 28
Notes......Page 43
The Use of the Term “Entrepreneurship” in Economics......Page 45
Evaluating Risk......Page 48
Risk of the Capitalist and Risk of the Entrepreneur......Page 50
Entrepreneurial Biography 2: Barbara Houghteling......Page 54
Notes......Page 69
Schumpetarian Analysis of Innovation......Page 71
Evolutionary and Revolutionary Innovations......Page 76
Characteristics of the Entrepreneur......Page 81
Entrepreneurial Biography 3: Maurice McDaniel......Page 86
Notes......Page 91
In Search of a Product: Research, Development, Demonstration, and Commercialization......Page 93
The Role of Research and Development......Page 97
Assuring the Success of Marketable Products......Page 101
Entrepreneurial Biography 4: Troy McWhinney......Page 105
Notes......Page 117
Temporary Monopoly Control......Page 119
Competitors and Reverse Engineering......Page 122
The Need to Discover New Input Suppliers......Page 123
Attaining and Maintaining Temporary Monopoly Control......Page 126
Entrepreneurial Biography 5: Gordon Hannaford......Page 128
Notes......Page 143
Standardizing the Product and Streamlining the Production Process......Page 145
Input Changes in the Production Process......Page 147
Moving from the Batch to the Flow Process......Page 152
Entrepreneurial Biography 6: Tim Galloway......Page 155
Notes......Page 165
Stages of Integration......Page 167
Timeline for Product and Process Innovations......Page 170
Economies of Scale, Economies of Scope, and Economies of Integration......Page 173
Entrepreneurial Biography 7: Tom O’Gorman......Page 177
Note......Page 185
Implementing Technology into Innovations Using Management and Economics......Page 187
Technology and Innovations Used to Reduce Time Lags in the Development of Marketable Products......Page 190
Examples of Technology Used to Develop Better and Cheaper Products......Page 193
Entrepreneurial Biography 8: George Lundeen......Page 197
Notes......Page 208
Changing the Production Function......Page 209
Bringing About New Products and New Markets......Page 214
Changing Economic Theory to Incorporate the Entrepreneur and Innovations......Page 217
Entrepreneurial Biography 9: Linda Ligon......Page 220
Notes......Page 225
User-Led Innovations......Page 227
Producer-Led Innovations......Page 231
Government Research and Development for Innovations......Page 234
Entrepreneurial Biography 10: Chuck Freitag......Page 238
Notes......Page 248
Summary and Conclusions......Page 249
Entrepreneurial Biography 11: John Freeman......Page 254
Suggested Readings......Page 261
Index......Page 275
About the Author......Page 285