The Entrepreneur in History: From Medieval Merchant to by M. Casson

By M. Casson

Masking the interval c.1200-c.2000, this publication offers an cutting edge research of entrepreneurship in a long-run old viewpoint, providing new insights into the non-public features of profitable enterprise humans and deepening our figuring out of the roots of industrialization and financial development.

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Opportunities arise because information in the economy is distributed across different people. The local shopkeeper knows local people who would pay a modest price, but not the city dealer who would pay a higher price. The city dealer does not know the local shopkeeper. 1057/9781137305824 24 The Entrepreneur in History both the shopkeeper and the city dealer, and this makes it possible for them to organise a trade. The distribution of information explains why the city dealer did not buy the picture directly from the shopkeeper – he did not know where to find it.

The main reason why people say that entrepreneurship is risky, it seems, is because the entrepreneur’s activities appear risky to them. Such assessments of risk are, of course, subjective. They reflect the subjectivity of judgement discussed above. 1057/9781137305824 36 The Entrepreneur in History innovative business relate to the quality of judgement, and especially to assessments of the size of the market and the probable intensity of competition. Where judgements differ, the entrepreneur who innovates may have undertaken a project that others have rejected because it seemed too risky.

1057/9781137305824 Perspectives on Entrepreneurship 35 have a crucial role in allocating resources between entrepreneurs and holding them to account for the way in which they use them. Both these markets, in turn, rely heavily on reputation in matching individual entrepreneurs to specific decision-making roles. 7 The entrepreneur as risk-taker The relationship between entrepreneurship and risk-taking has been extensively discussed in the theoretical literature. Innovation is a risky process, as noted above, because it is easy for mistakes to be made.

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