This essay examines how the entrepreneurial role has changed over time in the context of an evolving American economy since the Civil War. Because entrepreneurs do what the market has failed to do by itself, entrepreneurs and the market are complemetary to each other.

This paper introduces the entrepreneur-centered economy model by examining who it characterizes the nature of the firm, the nature of the market process, and the cause of economic development

The purpose of this paper is twofold. First, it introduces a new version of the Edgeworth process with trading activities centered around self-interested enterprising arbitragers; and second it examines how the prices of the derived securities are deteremined under this process.