Entrepreneurship in Economics
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Division: The New School for Public Engagement
School: School of Undergraduate Studies
Department: Social Sciences
Course Number: NECO 2810
Course Format: Lecture
Location: NYC campus
Permission Required: No
Theoreticians and policymakers have long viewed entrepreneurship as vital to economic progress, but it did not become part of economic modeling until the 20th century, with the work of Schumpeter. His methods gave rise to a school of thought in economics (the Austrian School) but failed to capture the attention of mainstream economists until the mid-20th century. Since then, entrepreneurship has been accepted as the fourth factor of production and a primary impetus to economic growth. This course is an attempt at incorporating entrepreneurship into economic models. We examine how innovation relates to entrepreneurship and how it has been dealt with in traditional economic theory. We develop a formal model of innovative entrepreneurship and discuss its market structure. We use data analytical techniques to show how and why innovations at the “main street” level are so important for economic development.
Course Open to: Degree Students