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2007•Strategic Entrepreneurship JournalOpen access

Entrepreneurship, growth, and Adam Smith

Steven C. Michael

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Abstract

Abstract In the canonical work of economics, Adam Smith's Wealth of Nations, he explained that nations grow wealthy through changes in the division of labor. Using Smith's insight, entrepreneurship can be defined as the study of human actions that lead to changes in the division of labor. This definition gives theoretical and empirical meaning to studies examining new venture formation and economic growth, and can be used by scholars for intellectual profit, as illustrated by Baumol and Strom, Casson and Wadeson, and Agarwal, Audretsch, and Sarkar. Copyright © 2008 Strategic Management Society.

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Abstract In the canonical work of economics, Adam Smith's Wealth of Nations, he explained that nations grow wealthy through changes in the division of labor. Using Smith's insight, entrepreneurship can be defined as the study of human actions that lead to changes in the division of labor. This definition gives theoretical and empirical meaning to studies examining new venture formation and economic growth, and can be used by scholars for intellectual profit, as illustrated by Baumol and Strom, Casson and Wadeson, and Agarwal, Audretsch, and Sarkar. Copyright © 2008 Strategic Management Society.

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Available abstract

Abstract In the canonical work of economics, Adam Smith's Wealth of Nations, he explained that nations grow wealthy through changes in the division of labor. Using Smith's insight, entrepreneurship can be defined as the study of human actions that lead to changes in the division of labor. This definition gives theoretical and empirical meaning to studies examining new venture formation and economic growth, and can be used by scholars for intellectual profit, as illustrated by Baumol and Strom, Casson and Wadeson, and Agarwal, Audretsch, and Sarkar. Copyright © 2008 Strategic Management Society.

Key concepts: Adam smith, Division of labour, Entrepreneurship, Classical economics, Neoclassical economics, Economics, Profit (economics), Management

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