Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE ( © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 30 September 2020

Abstract and Keywords

This article suggests that an evolutionary market perspective provides a powerful framework for bringing the entrepreneur back into economic theory precisely because enterprise is the activity of introducing new activities, production methods and products into an economy. Economic variation is the prerequisite for economic transformation and development and this is why enterprise and the entrepreneur are central components of the evolutionary approach to economics. Indeed, the fundamental historical fact about capitalism is its internal capacity for transformation, and the corresponding transience of the activities and ways of life that it supports within a more slowly evolving set of institutions. Economists have for a long time recognized a capitalist, market economy as a self-organizing system sustaining a spontaneous order; far less well recognized is its capacity for spontaneous transformation, and it is this theme that forms the core of this article.

Keywords: economic theory, market economy, capitalism, economic transformation, market perspective, economic institutions

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.