The purpose of this paper is to show how institutional and evolutionary economics provide better insights as to whysome firms survive and others do not than does neoclassical economics. At the heart of the evolutionary theory isthe view that new firms are a manifestation of diversity and that...

The level of entrepreneurship differs considerably across countries and periods. Both thecauses and consequences of entrepreneurship are a matter of extensive scientific debate aswell as of great policy importance. A high level of entrepreneurial activity is assumed andshown to contribute to...

Despite the pervasive phenomenon of scale economies the majority of firms hasalways been small firms. The emergence of small firms as a means of economic development on both sides of the Atlantic has been one of the major new topics of economic policy since the 1980s. This has drawn renewed...

The present paper deals with the distinction between the models of the managed and entrepreneurial economies. It explains why the model of the entrepreneurial economy may be a better frame of reference than the model of the managed economy in the contemporary, developed economies. This is done...