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Entrepreneurship, Externalities and Development: An Austrian Critique of the Hausmann-Rodrik New Argument for Industrial Policy

Domenii publicaţii > Economie + Tipuri publicaţii > Articol în revistã ştiinţificã

Autori: Bogdan Glãvan

Editorial: New Perspectives on Political Economy, 3(1), 2007.


The information externality in entrepreneurship theory argues that the social benefits arising from entrepreneurial actions are greater than the private gains. Entrepreneurs who discover profit opportunities signalize to other entrepreneurs the efficient path of investments, and the latter can imitate the former acting upon this information. Market failure to internalize this information externality creates an useful role for state, which can provide adequate incentives by subsidizing investment in new projects. We criticize this theory by pointing out that it is both irrelevant and inconsistent. An inadequate view of entrepreneurship is responsible for most of these weaknesses.

Cuvinte cheie: antreprenoriat, externalitãţi, politicã industrialã // entrepreneurship, externalities, industrial policy