The basic hypothesis is that, while the total supply of entrepreneurs varies among societies, the productive contribution of the society's entrepreneurial activities varies much more because of their allocation between productive activities such as innovation and largely unproductive activities such as rent seeking or organized crime. This allocation is heavily influenced by the relative payoffs society offers to such activities. This implies that policy can influence the allocation of entrepreneurship more effectively than it can influence its supply. Historical evidence from ancient Rome, early China, and the Middle Ages and Renaissance in Europe is used to investigate the hypotheses.
William J. BaumolRelated topics
allocation basic crime early historical hypothesis innovation middle renaissance rent seeking while Rome entrepreneurshipRelated quotes
That the uneducated and the ill-educated should think the hypothesis that all races of beings, man inclusive, may in process of time have been evolved from the simplest monad, a ludicrous one, is not to be wondered at. But for the physiologist, who knows that every individual being is so evolved-who knows, further, that in their earliest condition the germs of all plants and animals whatever are so similar, "that there is no appreciable distinction amongst them, which would enable it to be determined whether a particular molecule is the germ of a Conferva or of an Oak, of a Zoophyte or of a Man";-for him to make a difficulty of the matter is inexcusable.
Herbert Spencer
I realized then why we respond to the sound of the waves, and the falling of rain, and wind in the trees. Because they are meaningless. They are nothing to do with us. They are outside our control. They remind us of a time, very early in our lives, when we did not understand the noises around us but simply accepted them in our ears; and so they provide blessed relief from our continual needy attempts to change our world in magic deed or endless thought. Meaningless sound, which welove against the anxiety of action, of pattern-making, of seeking to comprehend and change. As soon as we picked up someting and used it for a purpose, we were both made and damned. Tool-making gave us the world, and we lost our minds.
Michael Marshall Smith
I have presented the periodic table as a kind of travel guide to an imaginary country, of which the elements are the various regions. This kingdom has a geography: the elements lie in particular juxtaposition to one another, and they are used to produce goods, much as a prairie produces wheat and a lake produces fish. It also has a history. Indeed, it has three kinds of history: the elements were discovered much as the lands of the world were discovered; the kingdom was mapped, just as the world was mapped, and the relative positions of the elements came to take on a great significance; and the elements have their own cosmic history, which can be traced back to the stars.
Peter Atkins
Should the United States seek so-called energy independence in an elusive effort to insulate this country from the impact of world events on the economy, or should Americans pursue the path of international engagement, seeking ways to better compete within the global market for energy? Like the Council's founders, I believe we must choose the course of greater international engagement ... The central reality is this: The global free market for energy provides the most effective means of achieving U. S. energy security by promoting resource development, enabling diversification, multiplying our supply channels, encouraging efficiency, and spurring innovation.
Rex Tillerson
I firmly believe that any organization, in order to survive and achieve success, must have a sound set of beliefs on which it premises all its policies and actions.
Next I believe that the most important single factor in corporate success is faithful adherence to those beliefs.
And, finally I believe if an organization is to meet the challenge of a changing world, it must be prepared to change everything about itself except those beliefs as it moves through corporate life.
Basic philosophy, spirit and drive of an organization have far more to do with its relative achievements than do technological or economic resources, organizational structure, innovation and timing...
Thomas Watson, Jr.