The creation of a country's wealth and dynamism depends upon the competitiveness of its firms and this, in turn, relies fundamentally on the capabilities of its entrepreneurs and managers.The essence of the modern firm lies in the specialization of functions. "The businessmen" that manage economic activity are, in the strictest sense, both managers and entrepreneurs, the latter in a double sense: the individual businessman (independent) and the "corporate entrepreneur" who, without participating significantly in terms of capital, controls the firm.Studying offers of business capabilities requires the differentiation between the functions of entrepreneur, manager and capitalist, although in many cases, the same person may perform all three (table 1). Table 1. Entrepreneurs, managers and capitalists ENTREPRENEUR CAPITALIST MANAGER CHARACTERIZED BY Discovers and exploits opportunities A creator who initiates and motivates the process of change Capital owner: shareholders Controlling shareholder Passive shareholder Administrates and manages resources An administrator BEHAVIOUR Accepts risks Uses intuition, is alert, explores new business Leadership, initiates new ways of acting Identifies business opportunities Creation of new Enterprise Aversion to risktaking Assesses alternatives Choice of venture assets Aversion to risktaking "Rational" decision-maker. Explotes business Creates and maintains competitive advantage Creates trust to enhance cooperation Supervision of the administrative process

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Resumen:El objetivo de este artículo es analizar el papel que desempeñan las innovaciones en la actividad económica. En este sentido, se muestra la relación que existe entre innovaciones y crecimiento económico, como objetivo esencial actual de la política económica para reducir el desempleo y aumentar el bienestar social. Para llevar a cabo este análisis nos basamos en el modelo de Schumpeter, en el que el empresario-emprendedor y el clima social desempeñan un papel relevante en el proceso. El análisis empírico estima una ecuación de innovaciones para el caso de 11 países desarrollados, mostrando que el clima social, representado por la formación y la distribución de la renta, y la política monetaria, representada por la oferta monetaria, estimulan las innovaciones. Palabras clave:Innovación, crecimiento económico, Schumpeter, emprendedor, política monetaria. Abstract: The goal of this paper is to analyze the role played by innovations on economic activity. In this sense, the relationship between innovation and economic growth is studied

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It is now well known that service industries, and especially the tourism sector, significantly contribute to economic and social development in the European Union. Intrinsic to the growth of the tourism industry has been the public interventions that, directly or indirectly, have facilitated the development of this sector. In this context, this paper aims to contribute to the knowledge on the design and implementation process of support policies for tourism businesses in Spain, using institutional economics as the theoretical framework. Based on a comparative case study, the article shows that despite the relevance of the legal system, the most important factors for the promotion of the tourism business are the socio-cultural ones.