While much attention has been devoted to analyzing how the institutional framework and entrepreneurship impact growth …, how economic policy and institutional design affect entrepreneurship appears to be much less analyzed. We try to explain … cross-country differences in the level of entrepreneurship by differences in economic policy and institutional design …

the debate has led to little additional insight in entrepreneurship and we develop the case for abandoning the construct … altogether. Uncertainty is central to entrepreneurship and innovation yet absent from opportunity-based approaches. We offer … instead a “judgment-based view” of entrepreneurship which revolves around the nexus of resource heterogeneity and uncertainty …