Recent research has highlighted the role of institutions in channeling entrepreneurs into activities with positive or negative effects on overall productivity. Embedding central elements from these theories into a political economy framework reveals the bilateral causal relation between...

This paper reconsiders the predominant typology pioneered by Baumol (1990) among productive, unproductive and 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...

Political economy has been at the core of entrepreneurship research since its conception. Although the entrepreneur is frequently regarded as the key figure in the capitalist system, academic research in economics has for a long time overlooked the entrepreneur in its analyses of growth. In...