But Entrepreneurs Are The Lifeblood Of The Market Economy

As economist Joseph Schumpeter argued, entrepreneurs are the lifeblood of the dynamic market economy. They are in the business of creating dis-equilibrium. They engage in “creative destruction.” The new that they create displaces the old and makes us better off. The market economy without entrepreneurship would be static, barren, and boring.

So what can entrepreneurs learn from economics? Not a whole lot. At least not from the highly mathematical modeling that is taught in intermediate and graduate level courses today. But there are other schools of thought that recognize their importance.