Advanced products such as aircraft distinguish themselves by a number of characteristics. Products are complicated and produced under very complicated circumstances, but also have a very long life. The purchase price, therefore, is a small part of total user cost of the product. Product value,...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research. In this essay, we present and evaluate his main contributions to the economics of entrepreneurship. The focus is on how Kirzner defines the entrepreneurial function. In order to...

William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted...

Historically, the Baltic Sea Region (BSR) has been an institutionally homogeneous economy, integrated economically and culturally through the sea lanes of the Baltic. After WWII the BSR was broken up into a dual economy, consisting of a poor Soviet block of centrally planned economies, on the...

The "new electronics technology" in its various manifestations has been very much in the limelight during recent years. It has been associated with future mass unemployment or scary visions of a Brave New World, a grand discontinuity in economic and cultural development. Governments are worried...

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