One can define entrepreneurship, at its most basic level, as rent-seeking behavior. This behavior can be productive, as when firms innovate to create new or better products or when they enter a market to increase output where price exceeds marginal cost. Rent-seeking can also be unproductive,...

One can define entrepreneurship, at its most basic level, as rent-seeking behavior. This behavior can be productive, as when firms innovate to create new or better products or when they enter a market to increase output where price exceeds marginal cost. Rent-seeking can also be unproductive,...