destructive entrepreneurship. Baumol's classificatory scheme is built around a limited concept of first-best outcomes and … therefore easily fails to appreciate the true impact of entrepreneurship in real world circumstances characterized by suboptimal … institutions. We present an alternative way of generalizing the notion of entrepreneurship and show how and why it encompasses the …

destructive entrepreneurship. It is shown that the foundation of Baumol’s classificatory scheme is the restrictive concept of … first-best outcomes, and therefore it easily fails to appreciate the true impact of entrepreneurship in real world … circumstances characterized by suboptimal institutions. We present an alternative way of generalizing the notion of entrepreneurship …

for higher returns to human capital for entrepreneurs. -- Entrepreneurship ; ability ; occupational choice ; human capital …