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Rise of the entrepreneur: the search for a better way watch online book. Nice Drama😍 but HASSAD WIL B MISSED 😭😭. This is an excellent interview and even more, he's spot on. NIce video & cool info on network marketing^ Awesome. We all start as employees. But some of us, with enough drive and focus, learn how to make money online and start our own businesses. None of us are born as entrepreneurs. We are driven to start. My guess is you are one of us — the driven few. The ones who are willing to put in the work NOW to change our lives TOMORROW. So whats holding you back? For most of us, it boils down to three things: Time: Racing through the day with no time left for yourself, your family, or realizing your dreams. Fear: Staying frozen in place rather than face the possibility of failure and ridicule, losing your security, the unknown. Knowledge: Not knowing how (and desperately wanting) to make more money without trading away more of your time. Plus, not knowing where to start. By the time you finish reading this article, you will have everything you need to take action today. How to Find the Time:  Where to find the time to build your online business while working a full-time job. How to Overcome Your Fear: How to get unstuck today – and move closer to your goal (of financial independence) every single day. Uncovering the Knowledge: The one thing you need to know to take action today. Plus, where to find your profitable online business ideas. In this article, we are going to learn how to make money online fast in 2020. Weve got a lot to cover, so lets jump straight into it. How to find the time to take action Lets be clear. This isnt about how to make money online so you can live a fantasy life with mansions and fast cars. Its not about startups and buyouts. But its not about creating another job for yourself, either. Thats trading time for money, and you already know its not the answer. This is about making enough money to buy back your time. Its about starting small, and learning as you go. Most of all, its about fearlessly creating and launching your ideas out into the world. Its about freedom. The freedom to sleep late tomorrow if you want, or not work at all next week and take your family to Hawaii for a last-minute getaway. “No such thing as spare time. No such thing as free time. No such thing as down time. All you got is life time. Go. ” Not to get morbid, but were all going to die one day. And when were laying on our deathbeds, we are not going to reminisce about season six of The Walking Dead. Every day 1000s of people are choosing to start profitable side hustles  rather than watch Netflix. What will you choose? We are going to remember the chances we took, the places we visited, and the things we produced in this world. From Consumer to Producer We spend our entire lives consuming other peoples products and services. We buy new phones, clothes, and cars. We use apps and watch Netflix without even contemplating these purchases — and this is great for producers. Producers create every app, song, video, phone, website, podcast, and pair of headphones that you own or use — and they get paid to do it. They build something out of nothing. They get paid to create, inspire, and do work they love. You can do that too if you learn to be a producer. Before you consume anything, think about the people behind your purchase. Consumers pay for producers to live bold, exciting lives, on their own terms. Which side of that exchange do you want to be on? You know that show that you are watching but its not really that good? Give up one episode of it each night. In that one hour, you can accomplish an astonishing amount. The beauty of not endlessly consuming other peoples creations is you now have hours every day to work towards your goal of making money online. You need to move from being a consumer to producer. Heres what I propose: start small. Start something now that gives you ownership of your time and money. And grow from there. Use our goal setting worksheet  if you need help getting started. Now that weve got that out of the way, lets overcome the fears and anxieties you may have around starting an online business. How to overcome your fear of failure The biggest killer of online businesses and entrepreneurial dreams is not what you would expect. Its not lack of financing, the economy, or bad ideas. Its doubt. Self-doubt kills many dreams, long before any external factors can come into play. Most people are afraid to start pursuing their dreams. Or if they do start, they turn back at the first signs of struggle, convinced they dont have what it takes. This is why your mindset is so important to get right in the beginning. Here are 21 business hacks  to get you rolling right. There are so many misconceptions around how to be an entrepreneur, its no wonder there is so much doubt (and so little confidence. The truth is, you can start to make money online from home without quitting your job, knowing how to code, and without a million-dollar idea. The most important thing is to start off with the right mindset. You need to go into this journey knowing you can get past any obstacle that comes up — you can and will. Dont worry, I can help you do it. Check out my entrepreneurial mindset course now. Learning how to be wrong Not only are failure and being wrong inevitable in business and in life, but you should actively search for them to learn valuable lessons. All forms of education are tied to a cost – the cost of failure is time, resources, and humility. Its not always easy to make mistakes and fail, but it is essential to your growth and your success in online business and in life. When you make a mistake, its not catastrophic. Keep moving, iterating, and using what youve learned to determine your next move. Remember, learning to be wrong is not just something we read on motivational quotes. When you enter your bedroom in the dark, you reach for the light switch. If you miss, do you stop looking for it? Do you decide to wait for the sun to rise and provide you with light? My guess is you would never think of doing that because without even thinking, you take what youve learned (the light switch isnt where you just touched) and reach out to another spot on the wall. Again, if you miss a second and third time, you never think of living in the dark. You instantly reach out again: you dont get beaten by the defeat, and it never crosses your mind that you might not be cut out for living in a well-lit bedroom. Think of making money online as a light switch. It doesnt matter if youve tried and failed in the past, you need to know that it will work once you get it right. Dont struggle with failure (learn to enjoy it) As Seth Godin  said, there is a difference between failure and your struggle with failure. Failure is inevitable in business and in life, but somehow we are better equipped to deal with it in day-to-day life. We dont know if our business ideas are any good. We dont know if we have the skills and perseverance to pull it off. We dont know what will happen if we fail. Learning to fail and not allowing it to sideswipe you is essential. The good part is, the more you fail, the better you get. Failure is not catastrophic, it is simply an opportunity to redirect and reiterate your project or ideas. Of course, you could try to avoid the possibility of failure by never taking any chances. But you will still face risks that you cant control You can live your whole life taking the safe route, and still have the rug pulled out from under you. You could get laid off, the stock market could crash, or your job could become obsolete. Best case scenario — if you silence the voice in your head and push down that feeling in your stomach long enough — you can retire and live with your regrets. Either way, life is a risk. How to make money online There is a lot to learn, and plenty of opportunities to get stuck when youre starting an online business from scratch. Even if youve run a business in the past, taking your expertise online will involve learning a whole new set of skills. From creating and selling an online course,  to writing a sales page that converts, to learning how to become a freelancer, its daunting for anybody. Especially those who dont consider themselves technically inclined. I get it. Ive been there. But I learned the hard way that trying to learn everything all at once, before you start, means… youll never start. The sheer volume of information and challenges ahead will overwhelm you. Youll get buried in it, and you might not be able to dig yourself out. “The more you know, the more you know you dont know. ” — Aristotle You can read the best business books, take courses, and wait for the perfect idea for years without launching anything. Its procrastination by learning. Its easy to fool ourselves into thinking were taking action by researching, studying, and reading endless books before we launch our business. Just-in-time learning There is no replacement for action. You dont have to learn everything before you start. You learn only need to know enough to move to the next step. You take one step, then you learn the next thing. I call it just in time learning. You learn what you need to know just in time, right as you are about to take action. You NEED to LAUNCH something. And once you have, I want you to keep improving your process with all the experience and knowledge you gained the first time through. Until you jump into the pool, you are not going to learn a damn thing about swimming. Producers do not have to learn to design and code. Producers need to take an idea and turn it into reality. Creating something out of nothing is your job as a producer. The producer of your favorite T. V. show does not hold the camera and edit the final show. She simply takes an idea and organizes the right people around her to create the best final product possible. The internet itself was built by people like you and me. Now lets take a look at the best ways to make money online for those who are looking to take action today. 1. Start a blog and use content marketing Is it still possible to make money online with blogging? Yes, it is. Now, I wont lie to you. It takes time and effort to learn how to start a blog. It only takes a few hours to set up your first blog, but It will take you a ton of work and time (think months or years) to start seeing decent passive income. You may even feel stupid for spending so much time on something with an unpredictable return on your investment of time. But once it starts, you are off to the races. Trust me — once you get that first win, things start to change pretty fast. Blogging can help you establish authority in your subject while earning money in a variety of ways. If you are ready to get started with blogging, we recommend one course exclusively — thats Launch Your Blog Biz and it was created by Alex and Lauren at Create and Go. Blogging took Alex and Lauren from young professionals living every second for the weekend to making over 100, 000 per month and traveling the world in our twenties! And with Launch Your Blog Biz, they teach you the step-by-step solution for taking your blog from 0 to 1, 000/month with free traffic and affiliate marketing. Make sure to read our complete review of the course. Start Your Blogging Business Today The ultimate solution for starting and growing a blog to making over 1, 000/month. Here are the 3 steps to setting up a blog: 1. Pick a name for your blog (and buy your domain) One of the toughest parts of any new entrepreneurial venture is determining how to choose a business name thats memorable, evocative, and on-brand — but that also isnt trademarked or already in use. Choosing a good name for your new blog can be overwhelming. After all, the domain name you choose is the first impression people have of your blog. Depending on your topic you can always use your own name for your domain –  James Altucher  did this and its worked out incredibly well for him. So how do you find a perfect blog name? Its much easier to come up with ideas once you know what niche you serve and who you target. Spend some time writing down words to describe your audience. Focus on how they describe themselves. Do your search over at Namecheap, my #1 recommended place to buy your domains. Grab your domain now and save 19% for a limited time) To help you decide, here are a few characteristics of an ideal domain name: Original and available: Do not try to copy another popular name. Clear and simple: Keep it simple, so its easy to remember. Simple spelling: Dont get too creative with invented words, or people wont know how to spell it. Common extensions: These extensions are common, therefore easier to remember:. Choosing an ideal domain name will take some brainstorming. But once you have the perfect name, the next step is finding hosting for your blog. 2. Get the right website hosting Now that you have a name for your blog, you need to find a place for it to live. This place is your website host. If this is your first time setting up a blog, then you might not even know what website hosting is. And while this can be confusing, it doesnt have to be. Once you understand the fundamentals of how website hosting works, you will be able to make an educated decision. Website hosting 101: A website is a bunch of different files connected to the internet. These files hold data and need a ‘space thats secure and accessible to the internet. This ‘space is what a hosting company offers. The function of a host is to keep the data of your blog safe and accessible. The worst thing you can do for your blog early on is to choose a hosting company based on price – or going with the cheapest hosting you can find. Youre looking at endless problems, like slow loading times, and crashing. Add some terrible customer support into the mix and youll never want to blog again. Instead, heres what to look for in a hosting company: Excellent customer support: Get help quickly when you need it. Quality hardware: You need your website to be fast and secure. You cant do that with crappy hosting. Economical pricing: The best hosting is less than 4/month. My recommendation: If youre serious about the speed and security of your new blog — as you should be —  Bluehost is the best option you can find. Bluehost is one of the few hosting providers recommended by WordPress itself, and that says a lot about their quality and integrity as a hosting company. Bluehost is our #1 WordPress hosting choice. Get Bluehost now. 3. Pick an effective design for your blog Now that you have a domain name and hosting, its time to get to the fun stuff — designing your blog! There are two ways to go about this: Hire a WordPress Developer Get a WordPress Theme Developers are expensive. When youre just starting out it is faster and more effective to go with a predesigned WordPress theme. With a theme, you can make a great-looking blog without hiring a developer. Your blogs design should reflect your brands identity, while also touching on a few key components such as having a fast load speed, easy navigation, mobile-optimized for all devices, and friendly user experience. There is no perfect design for a blog – but, there can be a perfect design for your  blog. All WordPress themes are not created equal. Some are fast – others are slow. Some are secure – others will get your site hacked. We are looking for FAST and SECURE. Genesis is a framework for WordPress. The benefit of using the Genesis Framework is that there are 100s of Genesis compatible themes and swapping between themes (designs) is simple and pain-free. Ive been a fan and user of the Genesis Framework and StudioPress themes for years. The current version of this site is running Maker Pro theme by StudioPress on the Genesis framework. Make sure to check out our complete StudioPress review. Yes, it will take time to get rolling, build an audience, and start earning money from a new blog. But writing about topics you are really into, building a community, and getting paid for it is an awesome feeling. When its time to start writing blog posts, follow this process for how to get on the first page of Google. Affiliate marketing Affiliate marketing is the process of earning money by promoting other peoples products. Its a proven online business idea for getting started. As an affiliate marketer, you will find and promote products. The owners of the product pay you a commission for every sale or lead you to send to them. When I interviewed Erik Bergman on the podcast, he said affiliate marketing was the best business model in the world. If youre new to making money online, you can use affiliate marketing to test your ideas and find your ideal customer base. Once you find a product that sells really well to your audience, you can then think about creating your own (better) version of this same product. Consider it market research you get paid for. Getting started with affiliate marketing is a 4-step process: Sign up with an affiliate network There are hundreds of affiliate networks out there. When you know what type of products you want to promote, its easy to find options. Some of the leading affiliate networks are: Amazon Associates ShareASale CJ Affiliates You can find most affiliate programs by Googling “product name” and “affiliate program” together. More than anything else with affiliate marketing, you should ONLY be promoting products YOU USE YOURSELF. Choose an affiliate product First off, you need to find products that will appeal to your audience – the people you are marketing to. If you are just getting started making money online, choose a digital product to promote – such as online courses, ebooks, or software – because they pay a higher commission and are typically easier to sell. The process of choosing your first affiliate product involves three simple steps: Narrow down product ideas Choose a single product Then validate By testing which affiliate products resonate with your audience, you can learn what kind of products may be big sellers if you eventually decide to create your own. Promote the affiliate product Youve researched affiliate programs and chosen a product to promote. Now its time to start making some sales. But you dont want to feel like a pushy salesperson. Heres how to strike the right balance of helpful content and sales offers: Always do whats best for your audience and makes sales later. When getting started online, many people struggle with this part – you arent alone. Heres the exact process we use to create sales pages that convert. If let your fears hold you back you will never start making money online – or get to enjoy the freedom that comes along with it. People purchase the product with your affiliate link Once youve created the affiliate link, its time to start selling. Lets talk about some different ways you can market your affiliate products. If you already have a good readership on your blog, you have a head-start. You can easily add product reviews to your publishing schedule. Transparency is always appreciated — let your readers know you will be paid a small commission if they decide to buy. Affiliate marketing is a great way to get started in online business, but lets move on to the next way to make money online. Create and sell courses online Theres never been a better time to make the transition from selling your time for money to selling your knowledge at scale. And creating an online course is a great way to do this. You can get started with little to no up-front investment, you can start small and grow over time, and you can get paid to help people solve a problem they have. Your first barrier is figuring out what to teach. Its much easier to make money selling online courses  when you aim to solve a problem for the intended audience. Thats why its one of my favorite online business models. Instead of pondering, “Whats a good idea for my online course? ” Ask, “What challenges does my audience face that I can help with? ” Successful online courses are results-oriented and unambiguous. They promise to: Solve a specific problem For a specific audience To achieve a specific result When framed this way, youll spend less time judging potential course ideas and more time focusing on the real goal: delivering something of value. As you build your audience, use lead magnets  to build your email list – then simply ask your subscribers what they need help with. From here, you simply need to commit to your idea and take action. Do you want to learn more about how to make money from online courses? Check out this step-by-step guide from Podia. 4. Start a membership site It takes a lot of time to wade through content online to find the golden resources you need. Membership sites remove this from the equation and provide customers with all the info they need in one place. A membership site is at its essence a resource hub. Customers pay a subscription fee, and they are granted access to the resources the owner creates, aggregates, or sources. Resource materials can be anything from tutorials, videos, articles, and any other form of content your audience finds valuable. With the creation of all-in-one platforms like Podia,  you dont have to worry about the headaches of setting up a website. These platforms enable you sell memberships, courses, and digital downloads all in one place. Membership sites are a great path to making money online if you are a content producer and love social media and forums. That being said, if that doesnt sound like a way that youd like to spend your time, then you will want to choose another online business model. 5. Start a podcast Of course, Im a little biased on podcasting since its the foundation of my entire online business. But that doesnt make it any less of a great way to make some extra money online. If you dont have an existing audience, learning how to start a podcast  is not the fastest way to starting making money in your spare time. But as your popularity grows, youll build up your credibility and become a resource in your niche. Youll also be able to find sponsors for your podcast  who want to pay you to introduce their products to your audience. Additionally, as the demand for advertising on your podcast increases, so will your ability to select sponsorships that fit your brand, and that could provide you with steady streams of online income. Heres the (simplified) process for starting a podcast: Pick your podcast topic Define your audience Position your podcast Choose the right format Pick a name for your show Record your episodes Publish and distribute Its not a sexy voice, a good microphone, or flashy editing that makes a podcast stand out and become successful. Those things might help you sound good. But none of that matters unless you build a podcast on a foundation of remarkable content. It is the content that makes the podcast. Whatever your reason for wanting to learn how to start a podcast – whether its to talk about your favorite TV show or to make money – you need to provide valuable content. Thats not saying you have to be an expert in your field. You will learn as you grow your podcast, but you have to start with by having value to offer. Grab our Remarkable Guide to Starting a Podcast 6. Social media management Heres a way to transform your Instagram, Twitter, or Pinterest habits into a profitable money-making venture. Theres no marketing without social media marketing – and because of this, every business needs to be marketing on social media. The thing is, most business owners either dont have the time or they just arent savvy enough to do it well. If youre good at creating content and engaging on social media, this is the perfect way for you to begin earning money online. The best part is, you can start making money immediately with social media management. Heres how you can get started: Clean up your personal social media accounts (remove any posts you wouldnt want a potential client to see) Read Buffers guide to social media marketing  (to create a strategy and brush up on the lingo for making your pitch) Email 10 businesses in your local area and make your pitch! Car dealerships, restaurants, and bars are a great place to start) If your self-confidence is running low, you can offer to work for the first month for a reduced rate or even free You are probably thinking I oversimplified this process, but I didnt. The only reason youre telling yourself this is to make it more complicated than it needs to be – and create a reason to procrastinate. If for some reason you cant come up with 10 local business to pitch your services to, you can always set up a profile and pitch your services on a marketplace like Upwork  or Fiverr. 7. Become a content writer If you want to make money online from home, this side hustle may be perfect for you. If you have a way with words, then you should take the time and do the work necessary to become a content writer. Content marketing is one of the fastest growing marketing channels for businesses – both local and global – and will only increase in the future. Learning the art of crafting effective content is a valuable skill that will keep you in demand for years to come. According to the Content Marketing Institute, 53% of brands were looking to increase their content marketing budgets in 2019. Writing for the web is different than writing for other mediums. If you want a primer, check out Copybloggers simple rule for web writing. To find work as a content writer, you can reach out to your personal network or (again) you can use some of the many marketplaces like Upwork or Fiverr. There is also an excellent marketplace specifically for companies and writers to find each other – its called nDash. I recommend using nDash because its the perfect place to find work as a content writer – and its free for writers to sign up! 8. Make money online with surveys and research studies If you were looking for make money online surveys and found them to be too much work for very little reward. This may be the exact thing you were looking for – research studies. No previous skills or experience required, and each study takes only about 30 minutes to complete. Respondent  is the fastest way to find high-paying research opportunities. You can get started with research studies in 4 simple steps: Sign up here  and verify your profile (with Linkedin or Facebook) Get automagically matched with your first study Select a time that works for you and participate in the study Get paid automatically via Paypal It could not be easier to get up and running today. No excuses, this is your chance to start earning money on the side. 9. Develop and sell software If you are searching for ways to make easy ways to make money online, this isnt it. Software development has become very popular with the rise of SaaS (software as a service) companies. The software can be as small as a browser extension that does one specific task or it could be as full scale as Adobes Creative Cloud. Making money creating apps works similarly to software. The idea is providing a product that your target audience needs (or wants) and charging them a one-time payment or recurring subscription fee. There are three popular payment models when it comes to software and apps: Freemium: This means that customers get limited access to your software or apps features. If theyd like to use more features, they can upgrade to a paid subscription. Free trial: Customers get full access to your software or app for a set period of time, after which theyre charged if they want to keep using it. Free software business model:  The software or app is free for customers to use, but you earn revenue from advertising. Software business models are some of the most innovative online, and for a good reason. They provide a steady source of recurring revenue to the owners, and over time they have the potential to become a saleable asset. Because software is digital, it is also highly scalable. You can sell 1 copy or 1, 000 copies in a day with no additional work. Due to this level of scalability, software is also labor intensive and can require a lot of customer support. 10. Sell your expertise as a consultant Consulting is a great use of the skills youve acquired in school, work, or from your hobbies, and it has high earning potential. Getting your first clients can be tough, but with some outreach on social media, and using content marketing to establish yourself as an expert, anyone can get started making money with consulting. Dont fall into the common trap of undervaluing your skills and knowledge. What seems easy, simple or obvious to you, can be amazing to others – not just in the skills you have but more importantly the end result and benefit you provide to your clients. As you gain experience and confidence using your skills to help clients reach their career or personal goals, you can begin charging higher fees for your guidance and expertise. Plus, one of the reasons consulting is the best business to start  is that you can get started fast, with little to no startup capital. Learning how to make money online is not just a dream Ive been working online full-time for 10 years. During the past decade, there has been a radical shift in how and where people work and earn money. Five years ago, I could walk into any coffee shop, grab a coffee, sit down to work on my laptop – and Id be the ONLY person doing that. Today, I can barely find a table at my favorite coffee shop. The dream of learning how to make money online from home has rapidly become a reality of 1000s of people around the world. This article showed you 10 ways to get started online. Some of the ideas will give you a faster path to revenue than others, but they will all get you there. You just need to work on finding focus. Are you willing to step up, do the work, and make it a reality.

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Rise of the entrepreneur: the search for a better way watch online torrent. Photos Add Image Add an image Do you have any images for this title? Edit Storyline The world is changing faster than ever. Technology is accelerating, job security is declining and income inequality is increasing. People are overworked and underpaid. With less time and freedom, people are left wondering if there is a better way. Our changing economy has led to the rise of the entrepreneur. The fastest, most dependable and controllable way to become wealthy is to own your own business. This documentary gathers today's best experts and thought leaders to forever change how you view work and wealth. Featuring experts Jordan Adler, John Assaraf, Kody Bateman, Chris Brogan, Richard Bliss Brooke, Ali Brown, Les Brown, Jack Canfield, Harry S. Dent, Jr., Dr. Linda Ferrell, Dr. OC Ferrell, Mark Victor Hansen, Kevin Harrington, Kim Kiyosaki, Robert Kiyosaki, Joseph N. Mariano, Dr. Ivan Misner, Paul Zane Pilzer, Bob Proctor, Susan Sly, Loren Slocum, Kevin Thompson, Brian Tracy, Eric Worre and Sandra Yancey. Plot Summary, Plot Synopsis Details Release Date: 20 November 2014 (USA) See more  » Box Office Budget: 450, 000 (estimated) See more on IMDbPro  » Company Credits Technical Specs See full technical specs  ».

Right now I am looking at other methods. So beautiful Naveen! ♥. رشتوں کی کمیٹی ڈالی تھی. Entrepreneurship and Economic Growth 0 Views Tags The Entrepreneur Entrepreneurship Volume 1, No. 2 (Summer 1998) What causes economic growth? At the risk of some oversimplification, the answers economists have given to this question can be divided into two broad camps, one following the ideas of Adam Smith (1776) and the other following the ideas of David Ricardo (1821. Smith, whose overriding goal was to understand the wealth-creation process, began his treatise with the lesson that the division of labor is limited by the extent of the market. As markets grew, entrepreneurship would lead to innovation, which would lead to an increasing division of labor and increased productivity. Ricardo, in contrast, envisioned economic output as being a function of the inputs of land, labor, and capital. Investment could produce more capital, but because of diminishing marginal factor productivity and the existence of fixed factors such as land, population growth would always dominate economic growth, keeping most of the population at a subsistence level of income. The ideas of Ricardo and his friend and contemporary Malthus (1798) created the view of economics as the dismal science, which contrasts sharply with Smiths view of entrepreneurship and innovation that would lead to ever-increasing wealth. This characterization of Smithian and Ricardian growth is an oversimplification in the sense that both authors had a deeper understanding of the growth process than the above characterization reveals. In one sense, it is unfair to Smith and Ricardo because it does not take account of the richness of their views and insights. In another sense, however, it is an eminently fair characterization. After all of their analysis of the process of economic growth, Smith ultimately concluded that the potential for economic growth was virtually unlimited, whereas Ricardo viewed the potential for economic growth as limited by the availability of economic resources (and in particular, land. If it is possible to contrast the ideas of various economists at all, it is certainly fair to characterize them according to their ultimate conclusions. With hindsight, Smiths vision of economic growth was more accurate than Ricardos, but the economics profession has followed Ricardo more closely than Smith in developing a theory of economic growth. Part of the reason is that the comparative static nature of economic modeling has made the production function approach of Ricardo amenable to economic modeling, whereas the innovation that leads to an increased division of labor is more difficult to model precisely. As economics has become more scientific over the twentieth century, economists have been more ready to attack problems that fit into a general equilibrium model of the economy than those that are more difficult to parameterize. [1] In the Ricardian production function approach, investment is the key to economic growth, whereas in the Smithian view, innovation leading to increases in the division of labor is the key. The Smithian answer seems right, but Smith did not explain the process by which that innovation occurs. Kirzner (1973) provides an important insight in this regard, by describing entrepreneurship as the process of acting upon a previously unnoticed profit opportunity. Thus, Kirzners entrepreneurship can provide an engine to drive Smithian economic growth. As Kirzner sees it, entrepreneurial insights are profit opportunities that had previously gone unnoticed. Entrepreneurs act upon these insights and the economy becomes more productive because it is able to produce more consumer satisfaction at a lower cost. The connection between entrepreneurship and economic growth is that these previously unnoticed profit opportunities must come from somewhere, and the most common source of profit opportunities is the insights of other entrepreneurs. Entrepreneurial ideas arise when an entrepreneur sees that the ideas developed by earlier entrepreneurs can be combined to produce a new process or output. Entrepreneurial opportunities tend to appear within the context of a specific time and place, so following Hayek (1945) a decentralized economy that allows individuals to act on their entrepreneurial insights, and rewards them for doing so, produces an environment where additional entrepreneurial insights are likely to be produced. Looked at in this way, entrepreneurship is the foundation for economic growth. Entrepreneurial insights lay the foundation for additional entrepreneurial insights, which drive the growth process. [2] Before discussing the details of economic growth, it is worth drawing a distinction between the process of economic growth and the environment within which growth takes place. After the collapse of the centrally planned economies in Europe beginning in 1989, it is apparent that a market environment is more conducive to economic growth than is a centrally planned environment, and empirical analysis confirms this observation. [3] This issue of the role that markets play in the process of growth is relevant to the public-policy question of what institutions foster economic growth, but is peripheral to the more theoretical issues considered here. The question considered in this article is how, within a market setting, economic growth occurs. The answer, in a sentence, is that acts of entrepreneurship create an environment within which innovations build on themselves, leading to continually increasing productivity. Smithian Versus Ricardian Growth Perhaps the simplest way to differentiate Smithian from Ricardian growth within the setting of contemporary economics is to use the Solow (1956) growth model as a framework. If output in year t is denoted Yt, and capital and labor are represented as Kt and Lt, Solow envisioned output as a function of capital, labor, and time, Yt= F[Kt, Lt, t] with time entering the production function, because over time technology can advance, making a given amount of capital and labor more productive. This simple mathematical formulation allows considerable development by making simple assumptions about the production function. [4] The model can be used to derive the “golden rule” growth path, which implies that there is an optimal amount of investment, and can be used as a foundation for showing “convergence, ” which is the idea that economies with lower per capita incomes should grow faster than those with higher per capita incomes, so that over time incomes will converge. In fact, convergence has not occurred, casting some doubt on the basic framework of the Solow model, and creating its own strand of literature on convergence. [5] Within the Solow model it has been relatively easy to formulate mathematical relationships among Y, K, and L, but modeling the effect of t has been more problematic, so it has often been treated as exogenous over time. Often, L is also treated as exogenous, and if one is considering per capita income, it is easy to divide by L, leaving only K and the exogenous t as explanatory factors. [6] The implication is straightforward. By investing, K can be increased, which will increase Y. This provides the foundation for the Ricardian view of economic growth. The Ricardian model of growth has been taken seriously by both economists and policy makers. As Kreuger (1993) notes, it was at the foundation of world economic development policy for three decades after World War II, and application of the Ricardian model points out the advantages of central planning over market allocation, because planners are in a better position both to increase a nations saving and investment rate, and to direct investment toward those sectors that can be most productive. Yet, despite the advice of economic growth theorists, undeveloped economies remain undeveloped even though they have undertaken substantial investment initiatives. Furthermore, the data make clear that only a small part of economic growth can be explained by increases in investment. The answer must lie somewhere else. The problem with the Solow framework is that the most reasonable alternatives for the causes of growth are K or t, and the effects of capital are easy to analyze, so they have been analyzed extensively, whereas the effects of time are nebulous and hard to analyze, so they have tended to remain exogenous. In fact, it is unlikely that time, by itself, causes growth, but rather something else that changes over time. That something else has been called technological change and, as the other alternative in the Solow framework, has itself come under close scrutiny. There is, for example, a substantial literature on research and development, under the thought that R&D can increase productivity over time. Other avenues might be taken within the basic Ricardian framework. Jones and Manuelli (1990) find that under different constraints, a Ricardian model need not imply convergence, suggesting that this framework might be able to be rehabilitated to conform more closely with reality. Taking a different tack, Lucas (1988) suggests that the key may be L, not K, and that in particular human capital can play the major role in development. Toward the end of his paper, Lucas discusses the idea of the external effects of human capital, and suggests that a higher population density may result in a finer division of labor and that the human capital of one person may make others more productive. Thus, Lucas begins moving the Ricardian framework toward a Smithian view of economic growth. The Smithian view of growth focuses less on the quantities of factors of production and more on the processes that are used to combine them into aggregate output. Young (1928) viewed economic growth as occurring because of increasing returns, and explicitly recognized the Smithian foundations of his analysis, but increasing returns does not sit well in the neoclassical framework, as Kaldor (1972) argued. In frequently cited articles, Paul Romer has steered the literature in a neoclassical direction. Romer (1986) shows that growth can be modeled with a factor having increasing returns, and that in such a model growth rates need not converge over the long run, which fits the facts better than the simple Solow framework. Romer (1990) focuses attention on human capital, and argues that additional investment in research could promote more economic growth. Like earlier developments from the Solow model, however, this line of reasoning focuses on the inputs into the production process rather than the process itself. The Production Process The most basic facts of economic growth weigh against focusing on the inputs into the production process, and point toward an examination of the process itself. Within the neoclassical framework, changes in the production function have had a bigger impact on economic growth than changes in the inputs into the production function. The quantity and quality of both human and physical capital are important, beyond a doubt, but they are a product of an economy and not factors given exogenously to it. Both existed in abundance in ancient China, and even today the pyramids of Egypt (physical capital) and the knowledge of Leonardo da Vinci (human capital) inspire awe, yet economic growth, as it is understood today, is a recent phenomenon. Blanchard and Fischer (1989, pp. 1–2) note, “real GNP is about 37 times larger than it was in 1874, 7 times larger than in 1919, and 3 times larger than in 1950. Extrapolating backwards leads to the well-known conclusion that economic growth at these rates cannot have been taking place for more than a few centuries. ” Land, labor, and capital long predate the transformation to economic growth. It is the process by which they are combined that has created sustained economic growth. Rather than viewing production in a Ricardian production function setting, Böhm-Bawerk (1959) depicted a structure of production that would become more roundabout as more indirect methods of production were used. Böhm-Bawerks ideas about heterogeneous capital and more roundabout methods of production have remained an integral part of Austrian capital theory (Hayek 1941) and have, among other things, been applied to explain business cycles (Hayek 1933, 1935) and even to illuminate the process of economic growth (Kirzner 1986. This literature, which focuses on incentives for altering the production process, also has implications for the ways in which entrepreneurs discover new production processes. Within the Solow framework, the new production processes fall within t in the production function, and the effect of t is generally viewed as working through technological change. That still leaves the question of what produces technological change. Entrepreneurship and Technological Change Within a neoclassical framework, where things are produced by combining inputs in a production function, the most straightforward way to get technological change is to produce it. Research and development can be undertaken by combining land, labor, and capital, to produce technological change. The successes attributable to investment in research and development are indisputable, but research-and-development expenditures cannot be the whole story, because once the research is done, the results need to be applied to make production less costly, or even more mysteriously, to produce goods and services that have never been produced before. This is the role of entrepreneurship. Kirzner (1973) depicts entrepreneurs as people who are alert enough to spot previously unseen profit opportunities and then act on them. As Kirzner describes it, entrepreneurship involves noticing something that nobody has noticed before. However, some people are in a better position to notice certain profit opportunities than others. Those with training in mechanical engineering are more likely to spot potential profit opportunities in the design of internal combustion engines than those with training in law, for example, and somebody who never goes to the beach will not be in a position to notice the opportunity to open an ice-cream shop or T-shirt shop there. People who travel a lot might notice opportunities because of the amenities they find in one place that might not be available in another. There is, for example, an opportunity for the person who notices that a profit might be made in Indianapolis by offering a service similar to one already available and profitable in Cincinnati. Thus, there is more of a relationship between Hayeks (1945) view of the use of knowledge in society and Kirzners vision of entrepreneurship than at first is apparent. Entrepreneurial alertness is itself unrelated to knowledge, and is costless in the sense that it does not use up resources. However, ones past activities do influence ones ability to recognize an opportunity when one presents itself, as the examples in the previous paragraph suggest. All individuals have knowledge specific to their own activities—knowledge of time and place that others do not share. This specific knowledge of time and place gives some people the chance to notice profit opportunities that others could not possibly see. How does it happen that one can see a profit opportunity that nobody before has noticed? In part, it has to do with the differences in knowledge that different individuals possess. For example, it was not a coincidence that the microprocessor was invented by an electrical engineer and not a poet. Of course, knowledge does not create entrepreneurial insight, but it does create the opportunity to notice things that could not be noticed without that knowledge, which creates a direct connection between Hayekian knowledge and Kirznerian entrepreneurship. Economic theory biases economists against thinking that it is possible to come upon previously unexploited profit opportunities, because in neoclassical competitive equilibrium, all profit opportunities have been competed away. [7] In fact, most profit opportunities get noticed by entrepreneurs because they are new. This is true whether the entrepreneurial successes are spectacular or more mundane. Consider some great American fortunes. Andrew Carnegie was able to build the foundations of U. S. Steel by capitalizing on the newly developed Bessemer process. John D. Rockefellers Standard Oil Company developed because he was able to control the distribution network, which at the time relied on the recently constructed railroad infrastructure. Henry Fords assembly lines were feasible only when there was enough of a mass market for automobiles. The fortunes of Bill Gates rose along with the fledgling personal computer industry. None of these individuals invented the technology that made them wealthy, but they had the insight to take advantage of an entrepreneurial opportunity. Note, however, that in each case the opportunity was newly developed, and the entrepreneurial opportunity did not go unnoticed for long. Entrepreneurial opportunities are not just lying around waiting for someone to notice them. Rather, they appear and then entrepreneurs rapidly move to take advantage of them. Where do entrepreneurial opportunities come from? Many of them come from the actions of other entrepreneurs. Henry Ford could not have succeeded in mass-producing automobiles until there was a substantial market, including infrastructure such as roads, gasoline stations, and repair facilities. Bill Gates could not have made his fortune had not Steve Jobs seen the opportunity to build and sell personal computers, and Steve Jobs could not have built a personal computer had not Gordon Moore invented the microprocessor. When entrepreneurs take advantage of profit opportunities, they create new entrepreneurial opportunities that others can act upon. Entrepreneurship creates an environment that makes more entrepreneurship possible. Increasing Returns and Knowledge Externalities The Smithian view of economic growth is based on the concept of increasing returns, and twentieth-century contributors to the Smithian idea, like Young (1928) and Kaldor (1972) have explicitly acknowledged that they were building on Adam Smiths insights. Yet increasing returns is a problematic concept in an economic framework because it implies that average cost continually declines. Kaldor (1972) notes the problems for general equilibrium models when firms are characterized by increasing returns, but another possibility is that the production functions of firms do not exhibit increasing returns, but firms generate positive externalities that lower the costs of production for other firms in close proximity. Individual firms do not exhibit increasing returns, but the entire economy does. This is easy to visualize as a Smithian idea. The division of labor is limited by the extent of the market, so additional firms in an area enlarge the market and allow all firms to be more productive by becoming increasingly specialized. Increased specialization is but one way in which firms can become more innovative, so a more general way to envision this idea is that the knowledge created by firms benefit other firms in close proximity, so that when one firm innovates, others find themselves in a better position to innovate also. Romer (1986, 1990) depicts the process as a knowledge spillover. Knowledge, embodied in human capital, is the factor with increasing returns, meaning that investments in human capital make future investments in human capital more productive. Because human capital must be combined with other factors of production, there will be a tendency for productivity increases to be geographically concentrated, which result in some areas manifesting more economic growth than others. [8] This raises two questions, only one of which will be dealt with here. The first is, what conditions cause economic growth to be concentrated in some areas but not in others? A plausible answer, but outside the scope of the present article, is that market institutions make the difference. [9] The second question is, by what process does the productive activity of some result in a positive externality that increases the productivity of others? This is the question that Kirzners model of entrepreneurship answers. Kirzner clearly distinguishes between knowledge and entrepreneurship. But as closely as the element of knowledge is tied to the possibility of winning pure profits, the elusive notion of entrepreneurship is, as we have seen, not encapsulated in the mere possession of greater knowledge of market opportunities. The aspect of knowledge which is crucially relevant to entrepreneurship is not so much the substantive knowledge of market data as alertness, the “knowledge” of where to find market data. (1963, p. 67, emphasis in original) Entrepreneurship, in Kirzners vision, clearly excludes research and development activities, and the accumulation of human capital. These activities can augment factors of production, but by themselves do not provide the insights that lead to new goods and services, or new processes for producing existing goods and services. If this seems like an overly fine distinction, consider the policy implications. Centrally planned economies tried unsuccessfully for decades to produce growth through investment in research and education, but were missing the institutions that enabled entrepreneurship. The Process of Entrepreneurship One might imagine an entrepreneur spotting a profit opportunity in the same way that a pedestrian spots a 20 bill on the sidewalk. Many people might walk by the bill, not noticing it, until one alert individual spots it and reaps the 20 reward. This analogy fits Kirzners model of entrepreneurship in some respects, but falls short in others. One problem with the analogy is that it is rare to find money on the sidewalk, so there is little incentive to look for it. In contrast, it is not uncommon, for example, to find scavengers with metal detectors on a beach looking for lost watches, rings, and other valuables. If more money were lying on sidewalks, people would become more alert to the opportunity of finding it. The idea that people will be more alert for profit opportunities when they are more likely to exist helps illuminate the reason why more profit opportunities are seized in growing economies. Economic growth creates profit opportunities. When economies are organized around traditional lines, peoples economic roles are given and there is little possibility for capitalizing on innovation. The ancient Chinese economy had more capital than other economies at the time, had a well-developed legal system, had well-defined property rights, and had advanced the state of knowledge further than any other place in the world. Yet the traditional nature of the economy meant that individuals found their employment dictated by historical factors outside their control, and more significantly, found little change in the status quo over the course of their lifetimes. [10] When the status quo changes relatively little, one is not likely to spot an entrepreneurial opportunity today that was not apparent yesterday. Even a substantial opportunity will tend to blend in with the status quo, and because it is familiar, will tend to go unnoticed. This is one reason why economies organized along traditional lines tend not to grow, even when they have substantial endowments of basic factors of production, when they are technologically advanced, and when their population has substantial human capital. This observation holds not only for traditional economies, but for market economies too, if they are unchanging. Consider the neoclassical concept of general equilibrium in which all firms are pricing at minimum average costs and there are no economic profits to be had. By definition, entrepreneurs have no profit opportunities to find; they have all been exploited already. Starting from this situation of general equilibrium, one can see that if an innovation occurs that disturbs the equilibrium, it opens profit opportunities in other areas of the economy. If a new good is introduced, consumers will shift their purchases toward that good, creating profits for some and losses for others. Those who sell complementary goods have a profit opportunity, and once a new good is produced, it may produce the opportunity for others to introduce new complementary goods for which there would not have been a market before. New production processes can be developed for the new goods, and the innovative opportunities go on. This example points toward two shortcomings of analyzing economic growth in a general equilibrium framework. First, the models are not well suited for depicting the process of introducing new goods into the economy. In the neoclassical framework, growth occurs by producing more of the old goods. Second, because they are equilibrium models, they do not depict the profit opportunities that entice innovation. Thus, innovation tends to be depicted as research-and-development activity that is produced by applying inputs in a production function, rather than as an entrepreneurial discovery process. If one imagines the activities of those who run the black boxes that are firms in such models, they must be imagined as managers, whose job it is to combine pre-specified inputs into pre-specified outputs in a Pareto-efficient manner, rather than being entrepreneurs who innovate by undertaking production in a previously untried manner, producing goods that have not previously been produced, aiming at markets that do not yet exist. There is some merit to considering research and development as a component of innovation and entrepreneurship, in the same way that one considers the purchase of a metal detector as a method for finding objects on the beach. [11] If there are not very many entrepreneurial opportunities, it does not pay to look for them, but when entrepreneurial opportunities abound, it makes sense to invest in the search for entrepreneurial profits. But focusing on research and development as the main component of innovation and technological advance misses the point. In most cases, a metal detector will not help people find lost objects, so one rarely sees people with metal detectors searching for lost objects in shopping centers, apartment buildings, or schools. On the beach, however, lost objects are more likely to be hidden from view in the sand, and because beachgoers do lose objects with some regularity, using a metal detector on a beach may turn up valuable objects. Similarly, research-and-development activity takes place in those areas where entrepreneurial profits seem promising. Research and development expenditures are not the cause of entrepreneurial opportunities, they are the result of entrepreneurial opportunities. More research and development occurs in the electronics industry than in the garment industry because there are more potential entrepreneurial insights to be found in electronics than in garment manufacture. Thus, while it is reasonable to consider research and development to be a factor pushing technological change, research and development is not the cause of growth, it is a response to growth opportunities. The question is, what creates such opportunities? The answer is: entrepreneurship. In a static setting, where there is little change, there will be relatively little in the way of entrepreneurial opportunities. Those that might be lying in wait must be relatively obscure to have remained unnoticed, and the static environment precludes the creation of new opportunities. Furthermore, with few opportunities, there is little incentive to devote any resources toward seeking them out. In an environment of economic change, new opportunities will continually be presenting themselves. When entrepreneurs take advantage of some opportunities, the economic environment changes, creating with it additional opportunities. Thus, entrepreneurship leads to more entrepreneurship. Several factors lead entrepreneurial insights to build on one another. First, the changes that result from entrepreneurship alter the economic environment, creating new profit opportunities. This is easy to see even within a comparative static general equilibrium setting. If the equilibrium is upset, the equilibrium condition that eliminates profit opportunities is removed, and profit opportunities arise to lead the adjustment to a new general equilibrium. Second, entrepreneurial activity generates wealth, and thereby increases the extent of the market, to use Adam Smiths phrase. The increase in income alone will generate new market opportunities, but an increase in the volume of goods also produces the opportunity for greater specialization. Third, entrepreneurial insights create new market niches that go along with innovation. This third factor, the creation of market niches, is the key link between entrepreneurship and economic growth. Consider, for example, one innovative insight in the rapidly developing computer industry. Somebody had the idea that if a computer mouse communicated with the computer via an infrared connection, the mouse could be used without a cord. It is a small development, to be sure, but it is a good example of an entrepreneurial insight and the capitalization of a previously unnoticed profit opportunity. The profit opportunity arose solely because of a previously nonexistent market niche, and once that market niche appeared, it did not take very long for an entrepreneur to seize on the idea. Notice that this entrepreneurial insight did not arise for either of the first two reasons listed in the previous paragraph. It did not arise because of a profit opportunity created by a temporary disequilibrium in the market. Before personal computers used mice (which also is an example of an entrepreneurial insight) there would have been no possibility for the insight, regardless of how far the market was out of equilibrium. It did not arise because of the second reason either, which is a bigger market. The division of labor has nothing to do with the insight that a mouse could communicate with a computer through infrared technology (although it might have something to do with what type of firm produces the technology. An increase in wealth could not create the demand for infrared mice without the innovation of the mouse as a computer input device. This entrepreneurial insight capitalized on a new opportunity, which was created by other entrepreneurial insights. One can go through a chain of events, seeing that the entrepreneurial insight that led to infrared mice could not have been made without the insight that a mouse could be used as a computer peripheral, and the insight that a mouse could be used to control a computer could not have been made without the insight that there was a market for personal computers. As is well known, the major computer manufacturers of the 1970s completely overlooked this market, leaving it to entrepreneurial startups. And the insight that there is a market for personal computers could not have been made without the development of the microprocessor, a result of yet another entrepreneurial insight. The computer industry provides a good example of the way that entrepreneurial insights lead to additional entrepreneurial insights. The economy does not simply offer a fixed set of entrepreneurial opportunities which then can be harvested. Rather, new entrepreneurial opportunities continually arise as the result of past entrepreneurial activity. This does not imply that one cannot invest in looking for entrepreneurial opportunities. Research and development, and the production of human capital, can be systematic ways of producing additional opportunities, and of finding those that already exist. That specific knowledge of time and place that Hayek emphasized can play a role in revealing entrepreneurial opportunities. However, if one focuses exclusively on investment in human capital and technological advance, the mechanism by which innovation occurs is left out of the picture entirely. Such investments can produce a more fertile environment within which to search for entrepreneurial opportunities, but it is the entrepreneurial act of seizing those opportunities that produces the engine for economic growth, and that lays the foundation for more entrepreneurial discoveries. [12] To see that this is true, one need only look at the centrally planned economies of the twentieth century. Those economies placed a big premium on the development of both human and physical capital, and on the production of advances in technology. Their collapse at the end of the twentieth century shows that it is not the advancement of human capital, physical capital, and technology by itself that leads to economic growth, but rather the environment within which these advances take place. Hayek (1945) emphasized the specific knowledge of time and place possessed by every individual in the economy, and when the economy allows every individual to take advantage of this knowledge and volume of goods also produces the opportunity for greater specialization. Hayek (1945) emphasized the specific knowledge of time and place possessed by every individual in the economy, and when the economy allows every individual to take advantage of this knowledge and become entrepreneurial, economic growth is the result. Centrally planned economies failed because central planning precludes entrepreneurship, which is necessarily decentralized in nature. The market system produces this setting, and entrepreneurship within the market setting that makes the process work. Innovations produce profit opportunities which are then seized by entrepreneurs, and those entrepreneurial activities create more profit opportunities. Implications for Kirzners Model of Entrepreneurship The linking of entrepreneurship with the environment of economic growth helps to illuminate the process by which entrepreneurial opportunities arise, and the process by which they are observed and acted upon. While, in a sense, profit opportunities lie unseen until entrepreneurs observe them and capitalize on them, profit opportunities are not like a fixed stock of resources waiting to be claimed. Rather, they arise in the course of economic activity, and in many cases are seized shortly after they appear. Most entrepreneurial opportunities are created as a result of past entrepreneurship. Seeing entrepreneurship within the context of economic growth helps clarify the origin of entrepreneurial ideas, and the way in which entrepreneurs are able to spot them and act on them. A view that opportunities for entrepreneurial insights are produced exogenously and lie in wait for entrepreneurs to notice them is fundamentally misleading. Furthermore, it would be misleading to think that at any moment in time there is an abundance of entrepreneurial opportunities that are unnoticed, waiting to be discovered. Entrepreneurial opportunities constantly arise in a growing economy, and when they do they are, except in rare circumstances, rapidly acted upon. Entrepreneurial insights are produced in the process of economic advancement. More rapid advancement brings more entrepreneurial opportunities, and more entrepreneurial opportunities produce greater incentives for potential entrepreneurs to become more alert to them. Entrepreneurship generates more entrepreneurship. In contrast, a stagnant economy blunts the incentives for entrepreneurial activity, and can remain stagnant because of the lack of entrepreneurial opportunities. [13] If one wanted to focus solely on the activities of entrepreneurs, then entrepreneurial opportunities might be viewed as exogenous creations that entrepreneurs act upon. However, when one extends Kirzners model of entrepreneurship to examine its results, it is a straightforward conclusion that entrepreneurial activities create more entrepreneurial opportunities. This has the advantage of endogenizing the creation of entrepreneurial opportunities, so that Kirzners model then explains the origin of entrepreneurial opportunities as well as the competitive process that results from their existence. When one sees that entrepreneurial insights build upon one another, the creation of entrepreneurial insights is endogenized and the Kirznerian model of entrepreneurship becomes more complete. Kirzner (1973, pp. 72–75) distinguishes his view of entrepreneurship, which he envisions as equilibrating, with Schumpeters (1934) which he depicts as disequilibrating. “Schumpeters entrepreneur acts to disturb an existing equilibrium situation. The entrepreneur is pictured as initiating change and generating new opportunities” (pp. 72–73, emphasis in original. Kirzner then quotes Schumpeter as concluding that entrepreneurship is at odds with equilibrating activity. Kirzner, in contrast, argues that the entrepreneur “ brings into mutual adjustment those discordant elements which resulted from prior market ignorance” (p. 73, emphasis in original. Kirzner takes issue with Schumpeter because his discussion of entrepreneurship is “likely to generate the utterly mistaken view that the state of equilibrium can establish itself without any social device to deploy and marshal the scattered pieces of information which are the only source of such a state” (pp. 73–74. When Kirznerian entrepreneurship is considered within the framework of economic growth, however, there may be more common ground between Kirzners and Schumpeters views on entrepreneurship than Kirzner implies in the above passages. Kirzners entrepreneurs explicitly begin their activity within a disequilibrium situation.   It is necessary to postulate that out of the mistakes which led market participants to choose less-than-optimal courses of action yesterday, there can be expected to develop systematic changes in expectations concerning ends and means that can generate corresponding alterations in plans. (1973, p. 71) In such a situation, entrepreneurial insights would bring individuals closer and closer to their optimal courses of action, eventually causing entrepreneurial opportunities to vanish. However, new opportunities could arise from Schumpeterian entrepreneurship, which would create a disequilibrium situation with new profit opportunities for Kirznerian entrepreneurs to act upon. In fact, there is no difference between the actions of Kirznerian and Schumpeterian entrepreneurs. Both are seizing unexploited profit opportunities, and in both cases the market environment will be different for all market participants in the future. One must note, however, that in any developing economy, the equilibrium toward which the economy tends changes from day to day, and when the Kirznerian model is expanded to recognize this, the tendency toward equilibrium in a static sense is less important than the exploitation of new profit opportunities which implies greater gains from trade and economic growth. The difference that Kirzner emphasizes between his and Schumpeters views largely arises because of the different objectives of the two writers. Schumpeter was discussing directly the role of entrepreneurship in economic growth, while Kirzner was interested in showing how entrepreneurship is an essential but underrecognized element in the allocation of economic resources. [14] Schumpeters discussion of entrepreneurship flows from his vision of economic growth as a spontaneous, revolutionary, and discontinuous process, 15] implying that the motive forces of growth are exogenous to his model of growth, if not to the economic process itself. From an initial equilibrium, entrepreneurial activity disturbs that equilibrium, leading Schumpeter to the idea that entrepreneurial activity is disequilibrating. Kirzner begins from a disequilibrium condition to show how entrepreneurial activity helps equilibrate an economy. Neither view is complete, because in Schumpeters model some force must equilibrate an economy before entrepreneurial activity can disequilibrate it, and that force is Kirznerian entrepreneurship. Likewise, in Kirzners model, if entrepreneurial activity continually works to equilibrate an economy, some force must push it away from equilibrium to allow the equilibrating process to operate, and that force is Schumpeterian entrepreneurship. Both forces have the same origin, however, which is entrepreneurs acting on previously unrecognized profit opportunities. Kirzner is justly concerned that Schumpeter ignores the equilibrating role of entrepreneurship, but at the same time Schumpeter does correctly note that entrepreneurial activity is essential for growth. But Kirzners theory of entrepreneurship gives no indication of the origin of entrepreneurial opportunities, and when Kirznerian entrepreneurship is depicted as an integral part of the process of economic growth, entrepreneurial opportunities can be seen as originating from past entrepreneurial activity, making Kirzners theory of entrepreneurship more self-contained and complete. Implications for Growth Theory While growth theory has become far more formalized in the last half of the twentieth century, the fundamental ideas behind the engine of economic growth can be traced back to Adam Smith. As noted in the earlier review of the literature, current theorists are focusing on the role of human capital, knowledge externalities, and increasing returns. These insights certainly are not wrong, but at the same time they do not go very far toward illuminating the process by which knowledge externalities produce growth, or by which increasing returns can be manifested in the production process. The recognition of entrepreneurships role in the market process fills this gap. Knowledge externalities occur when the entrepreneurial insights of some produce entrepreneurial opportunities for others. Increasing returns occur because the more entrepreneurial activity an economy exhibits, the more new entrepreneurial opportunities it creates. When one recognizes that entrepreneurship gives rise to knowledge externalities and increasing returns, it then becomes apparent that growth theory should focus less on the Ricardian production function approach where inputs are combined in a black box to produce outputs, and more on the process by which production processes are determined. The engine of economic growth is not better inputs, but rather an environment in which entrepreneurial opportunities can be capitalized upon. As Kreuger (1993) notes, for decades after World War II, the production-function approach dominated economic thinking, and economic policy advisors, applying state-of-the-art growth theory, advised nations to industrialize, to save and invest, and to develop their human capital. The result has been that many third-world nations have inefficient industries that require constant subsidies to keep them running, further draining their economies. They have tried educating their citizens, but because of lack of opportunities, many of their better minds have emigrated to other countries. The biggest beneficiaries of the whole process may have been the high-priced consultants who recommended these inefficient growth strategies. When entrepreneurship is seen as the engine of growth, the emphasis shifts toward the creation of an environment within which opportunities for entrepreneurial activity are created, and successful entrepreneurship is rewarded. Human and physical capital remain inputs into the production process, to be sure, but by themselves they do not create economic growth. [16] Rather, an institutional environment that encourages entrepreneurship attracts human and physical capital, which is why investment and growth are correlated. When the key role of entrepreneurship is taken into account, it is apparent that emphasis should be placed on market institutions rather than production function inputs. The importance of market institutions has now been generally recognized in practice, but has not been integrated into the mainstream theory of economic growth. Contemporary growth theory, built on complex mathematical models, must make simplifying assumptions to keep the models tractable. In the process of simplifying models to make them more manageable, it is easy to assume away the institutional details that provide the foundation for economic growth. The temptation to assume away these institutional details is increased because often institutional details are hard to measure. One can come up with plausible measures for capital and labor, but it is more difficult to measure the degree to which property rights are protected in an economy, or the degree to which government regulations hamper economic activity or push it underground. [17] By recognizing entrepreneurship as the foundation for economic growth, the emphasis then must be turned toward those features of the economy that foster entrepreneurial activity. Surely research-and-development activity and investment in physical and human capital provide inputs that make growth possible, but by focusing on these inputs, contemporary mainstream growth models look past the process by which growth occurs. Research and development and investment do not cause economic growth, they take place in response to growth opportunities, and those opportunities are created by entrepreneurship. Recent work that focuses on human capital as the engine of economic growth is just as misleading as the growth theory of decades ago that focused on physical capital investment as providing a “golden rule” for economic growth. Human capital is correlated with economic growth because a growing economy provides a greater return to human capital. The direction of causation is from an environment conducive to growth of human capital, not the other way around. This becomes apparent when entrepreneurship is viewed as the engine of economic growth. The existence of institutions conducive to entrepreneurship creates the profit opportunities which increase the return to education and lead to an increase in human capital. Human capital is important because it is a component of the production process, but entrepreneurship, not capital of any kind, is the underlying cause of growth. [18] Conclusion The incorporation of entrepreneurship into the framework of economic growth contributes both to growth theory and to Kirzners theory of entrepreneurship. Each framework helps enlighten the other. The growth framework furthers Kirzners model of entrepreneurship by helping to illustrate where entrepreneurial opportunities originate, why more opportunities arise in some sectors of the economy than others, and what factors can provide incentives for entrepreneurs to more intensively search for new entrepreneurial insights. Entrepreneurial opportunities are not just exogenously delivered to an economy; in large part they are produced by entrepreneurial activities in the recent past. This expansion of Kirzners framework explains the origins of entrepreneurial opportunities as well as the process of entrepreneurship. Incorporating entrepreneurship into the framework of economic growth adds to growth theory by showing the nature of increasing returns to scale, knowledge externalities, and the role of human capital. These processes appear as a black box in mainstream growth theory, but when they are depicted as a part of the entrepreneurial process, it becomes apparent that the engine of economic growth is entrepreneurship, not technological advance or investment in human capital per se. This focus on entrepreneurship pushes growth theory in a direction that emphasizes the institutional setting within which growth occurs, and away from a neoclassical growth theory that focuses on inputs into the production process. The incorporation of entrepreneurship into the framework of economic growth not only fills in the institutional details to help make the growth process more understandable, but also points toward more promising economic policy recommendations for fostering economic growth. In the latter half of the twentieth century a production function approach to economic growth has led both growth theory and growth policy to conclude that increases in output could best be produced by increasing the inputs into the production process. Policies were aimed at increasing both the quantity and quality of inputs through investment, incorporation of modern technology, and education. In many less-developed economies, the results have been disappointing. In contrast, this Austrian framework for viewing economic growth shows that the key element in economic growth is the production of entrepreneurial opportunities. When such opportunities are available, individuals have the incentive to invest in human and physical capital without government intervention. Mainstream growth theory has seen the problems with the mechanistic application of the production function approach to economic growth, but has responded by incorporating increasing returns and knowledge externalities into formal models in a way that obscures the way in which these factors might actually manifest themselves in the real world. The answer is the type of entrepreneurship that Kirzner described, and the straightforward prescription for economic growth is to create an institutional environment that encourages markets and rewards productive activity. References Audretsch, David B., and Maryann P. Feldman. 1996. “R&D Spillovers and the Geography of Innovation and Production. ” American Economic Review 86, no. 3 (June) 630–40. Barro, Robert J. “Democracy and Growth. ” Journal of Economic Growth 1, No. 1 (March) 1–27. Barro, Robert J., and Xavier Sala-i-Martin. 1995. Economic Growth. New York: McGraw-Hill. Blanchard, Oliver Jean, and Stanley Fischer. 1989. Lectures on Macroeconomics. Cambridge: MIT Press. Böhm-Bawerk, Eugen von. [1884] 1959. Capital and Interest. 3 vols. Spring Mills, Penn. Libertarian Press. de Soto, Hernando. The Other Path: The Invisible Revolution in the Third World. New York: Harper and Row. Gwartney, James, Robert Lawson, and Walter Block. Economic Freedom of the World. 1975–1995. Vancouver: Fraser Institute. Hayek, Friedrich A. [1933] 1966. Monetary Theory and the Trade Cycle. New York: Augustus M. Kelley. ———. 1935. Prices and Production. 2nd ed. 1941. The Pure Theory of Capital. Chicago: University of Chicago Press. 1945. “The Use of Knowledge in Society. ” American Economic Review 35 (September) 519–30. Heilbroner, Robert L. 1962. The Making of Economic Society. Englewood Cliffs, N. J. Prentice-Hall. Holcombe, Randall G. 1997. “A Theory of the Theory of Public Goods. ” Review of Austrian Economics 10, no. 1: 1–22. Jones, Larry E., and Rodolfo Manuelli. 1990. “A Convex Model of Equilibrium Growth: Theory and Policy Implications. ” Journal of Political Economy 98, no. 5, pt. 1 (October) 1008–38. Kaldor, Nicholas. 1972. “The Irrelevance of Equilibrium Economics. ” Economic Journal 82 (December) 1237–255. Kirzner, Israel M. 1973. Competition and Entrepreneurship. 1979. Perception, Opportunity, and Profit: Studies in the Theory of Entrepreneurship. 1985. Discovery and the Capitalist Process. 1986. “Roundaboutness, Opportunity, and Austrian Economics. ” In The Unfinished Agenda. Martin J. Anderson, ed. London: Institute of Economic Affairs. Pp. 93–103. Knack, Steve. “Institutions and the Convergence Hypothesis: The Cross-National Evidence. ” Public Choice 87, nos. 3–4 (June) 207–28. Kreuger, Anne O. 1933. Political Economy of Policy Reform in Developing Countries. Cambridge, Mass. MIT Press. Krugman, Paul. 1991. “Increasing Returns and Economic Geography. ” Journal of Political Economy 99, no. 3 (June) 483–99. Lucas, Robert E., Jr. 1988. “On the Mechanics of Economic Development. ” Journal of Monetary Economics 22, no. 1 (July) 3–42. Malthus, Thomas Robert. [1798] 1914. An Essay on Population. New York: E. P. Dutton. Mises, Ludwig von. [1922] 1951. Socialism. New Haven, Conn. Yale University Press. Mokyr, Joel. The Lever of Riches. Oxford: Oxford University Press. Olson, Mancur, Jr. “Big Bills Left on the Sidewalk: Why Some Nations are Rich, Others Poor. ” Journal of Economic Perspectives 10, no. 2 (Spring) 3–24. Perotti, Roberto. “Growth, Income Distribution, and Democracy: What the Data Say. ” Journal of Economic Growth 1, no. 2 (June) 149–87. Quah, Danny T. “Convergence Empirics Across Economies with (Some) Capital Mobility. 1 (March) 95–124. Ricardo, David. [1821] 1912. The Principles of Political Economy. 3rd ed. London: J. M. Dent. Romer, Paul M. “Increasing Returns and Long-Run Growth. ” Journal of Political Economy 94, no. 5 (October) 1002–37. “Endogenous Technological Change. 2 (October) S71–S102. Schumpeter, Joseph A. 1934. The Theory of Economic Development. Harvard University Press. Scully, Gerald W. “The Institutional Framework and Economic Development. ” Journal of Political Economy 96, no. 3 (June) 652–62. 1992. Constitutional Environments and Economic Growth. Princeton: Princeton University Press. Smith, Adam. [1776] 1937. An Inquiry Into the Nature and Causes of the Wealth of Nations. New York: Modern Library. Solow, Robert M. 1956. “A Contribution to the Theory of Economic Growth. ” Quarterly Journal of Economics 70, no. 1 (February) 65–94. Weitzman, Martin L. “Hybridizing Growth Theory. 2 (May) 207–12. Young, Allyn. 1928. “Increasing Returns and Economic Progress. ” Economic Journal 38 (December) 527–42. Young, Alwyn. 1993. “Invention and Bounded Learning by Doing. ” Journal of Political Economy 101, no. 3 (June) 443–72. [1] As one observer has said, “When the only tool you have is a hammer, everything looks like a nail. ” The economics professions approach to economic growth reminds one of the old joke about the man who is standing under a streetlight looking for his keys when another man offers to help him. “Where did you drop them, ” the helper asks. “Across the street, ” the man answers. “Then why are you looking here? ” “The light is better. ” This article heads where the light is not so good, but where the answer is more likely to be found. [2] Schumpeter (1934, p. 154) discussing a framework in which all profit is competed away in a competitive equilibrium, and in which profit is the return to entrepreneurship, observed, “Without development there is no profit, without profit no development. ” While this sentiment captures the way in which entrepreneurship leads to growth, Kirzner notes some differences between his approach and Schumpeters, which are discussed below. [3] See, for examples, Gwartney, Lawson, and Block (1996) Scully (1988, 1992) and Knack (1996. See also Olsons (1996) insightful discussion of institutions and economic growth. [4] Barro and Sala-i-Martin (1995) give a good exposition of the ways that the Solow model has been developed, and the implications that have arisen from the model. Barro and Sala-i-Martin use the production function given here to depict the Solow model, although another specification would have been Yt = λt[Kt, Lt. This seems to suggest a constant rate of change over time for λ, however, which is clearly at odds with the evidence. [5] Quah (1996) presents empirical evidence showing that national incomes are becoming bimodal, with some nations converging at high levels of income while others stagnate at low levels. Quah suggests, based on the evidence, that under the right conditions nations can converge as the Solow model suggests, but that low-income nations do not exhibit the right conditions. [6] Of course, in the general functional form above, dividing by L may not eliminate it from the right side of the equation, but it would eliminate population growth per se as a factor in income growth. [7] An economist joke, repeated in Olson (1996) illustrates the point. Two economists, an assistant professor and a full professor, are walking down the street. Assistant professor: “Hey, theres a 20 bill on the sidewalk. ” Professor: “Couldnt be. If there was, somebody would have picked it up. ” (In order to retain an air of seriousness, this article has relegated all of its jokes to footnotes. 8] See Krugman (1991) and Audretsch and Feldman (1996) for models in which increasing returns occur in geographically concentrated areas. [9] Gwartney, Lawson, and Block (1996) Ojson (1996) Scully (1988, 1992) and Knack (1996) are some examples of studies that come to this conclusion. Scully uses a measure of economic and political freedom, while Gwartney, Lawson, and Block deliberately confine their analysis to economic freedoms. Barro (1996) and Perotti (1996) present some evidence that economic freedoms are what count, and that democratic political institutions may even have a negative effect on economic growth. [10] Heilbroner (1962) divides economic systems into traditional, command, and market economies, and that is the distinction used here when discussing economies based on tradition. [11] Note, however, that Kirzner (1973, p. 40) would make the distinction between the entrepreneurial insight that a metal detector might be used to discover previously undiscovered profit opportunities, which requires no resources, and the investment in the metal detector, which is the employment of capital in the production process. [12] Weitzman (1996) outlines a theory of growth along these lines. [13] Young (1993) develops a model along these lines. Mokyr (1990) classifies technological advances as “macroinventions” and “microinventions. ” The idea is that major inventions like the steam engine and the microprocessor create entrepreneurial opportunities for microinventions that further drive economic growth. [14] Kirzner (1979, ch. 7) argues that there are important differences between his and Schumpeters ideas, and takes Schumpeter to task for not discussing the equilibrating role of entrepreneurship. Elsewhere, however, Kirzner (1985, ch. 4) develops the idea of entrepreneurship in a manner that encompasses the spirit of Schumpeters ideas, and in private correspondence Kirzner has told me that he believes Schumpeters ideas on entrepreneurship are important, and that they can be reconciled with his ideas. [15] Schumpeter (1934, p. 63) discusses the revolutionary nature of economic growth, and later (1934, p. 65) describes the motive forces as “spontaneous and discontinuous. ” [16] In an interesting bit of speculation, Weitzman (1996) argues that the former Soviet Union took neoclassical growth theory as the foundation for economic policy, and when their continual efforts at increasing output by increasing inputs into their production functions failed, the Soviet economy and government collapsed. The prediction of collapse goes back to Mises (1922) but the underlying faulty model to which Weitzman refers was not developed until decades later. It is interesting to conjecture that the Soviet Union may have collapsed because its leaders took neo-classical growth theory too seriously. [17] de Soto (1989) presents a fascinating study of the way in which government restrictions have pushed a substantial fraction of Perus economic activity into what he calls the informal sector of the economy, and the way in which this impedes economic development. [18] Academic economists may have an incentive to overstate the importance of human capital because they receive their incomes from the production of education. If academics can convince the population at large of the importance of education, their incomes will rise. Thus, as Holcombe (1997) notes, one must be inherently suspicious of academics who argue the importance of education. Contact Randall G. Holcombe Randall G. Holcombe is an Associated Scholar of the Mises Institute, DeVoe Moore Professor of Economics at Florida State University, past President of the Public Choice Society, and past President of the Society for the Development of Austrian Economics. He received his Ph. D. in economics from Virginia Tech, and has taught at Texas A&M University and Auburn University. Dr. Holcombe is also Senior Fellow at the James Madison Institute and was a member of the Florida Governors Council of Economic Advisors. His books include From Liberty to Democracy: The Transformation of American Government (2002) Producing Prosperity (2013)  and Political Capitalism: How Economic and Political Power Is Made and Maintained ( 2018. His primary areas of research are public finance and the economic analysis of public policy issues.

A very well written and fast paced documentary that helps to peel back the rougher edges of a booming industry. Eric Worre goes on the journey with the audience to unwrap the topic of Rising Entrepreneurs. This however did focus on one particular industry which may come across as biased. However, the industry he focused on is truly getting massive with a large number of people rising into wealth within it so it was about time it was given coverage the way it was. With interesting statistics that were factually based, interviews with recognized entrepreneurs and enjoyable commentary to smooth out the more complex statements, the content of Rise if the Entrepreneur really was up there. The final factor that gave the film such a high review was its production quality. The lighting, sound and visual quality it made the content truly stand out and lifted the film to a high quality documentary. Thoroughly enjoyed it and would recommend to all.


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