Before Schumpeter: forerunners of the theory of the entrepreneur in 1900s German political economy – Werner Sombart, Friedrich von Wieser

Campagnolo, Gilles; Vivel, Christel

doi:10.1080/09672567.2012.737006

Cited by 19 publications

(12 citation statements)

References 22 publications

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“…In this contribution, Wieser offers an interesting mix of economic analysis and economic sociology, which justifies an institutionalist interpretation of Wieser, and which would appear much more in line with Schumpeter than with his contemporaries from the Austrian School. 10 Wieser’s approach also shares some commonalities with the German Historical School, in particular with Max Weber and Werner Sombart, regarding the emphasis put on the issues of power and leadership (Streissler 1986; Campagnolo and Vivel 2012).…”

Section: Wieser’s Contribution To Institutional Economicsmentioning

confidence: 99%

Wieser as a Theorist of Institutional Change

Festré

Garrouste²

2016

J Hist Econ Thought

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In this contribution, we provide an interpretation of Friedrich von Wieser’s contribution to economics that pays tribute to the originality of his work and particularly to his view of how institutions interfere with individual behavior. This interaction takes place within a disequilibrium framework where social influences such as power or social class, and psychological factors such as force of habit or herd behavior, are the product of human action but also constitute constraints on further action. Section II stresses the institutionalist background of Wieser’s economics. We concentrate on Wieser’s general method—which we assimilate to an example of Joseph Agassi’s (1975) institutional individualism—and his analysis of the emergence and evolution of institutions via the dynamics of leaders and masses. In section III, we reinforce and illustrate the institutionalist stamp of Wieser’s economics by focusing on his work on monetary economics (Wieser 1904, 1909a, 1909b, 1927b) and his analysis of the emergence of money, based on our reading of Wieser’s Social Economics ([1927a] 1967) and The Law of Power ([1926] 1983).

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Section: Wieser’s Contribution To Institutional Economicsmentioning

confidence: 99%

Wieser as a Theorist of Institutional Change

Festré

Garrouste²

2016

J Hist Econ Thought

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“…It has been said by previous researchers that when too much attention given to the risk variables, it can cause negative relationship to the environment and the success of the firm (21). Similarly, if entrepreneurs do not spend time thinking about the business to be taken in developing the firm, the entrepreneur will feel comfortable with the current situation and will try not to take the risk (22). Moreover, previous researchers like (18)(19) found that entrepreneurs who take risks, make more profitable deals from the customers.…”

Section: Problem Statementmentioning

confidence: 99%

Developing the Concept of Firm Success among Muslim SMEs in Malaysia: a Study of Islamic Religion Practices as Moderator

Wahab¹,

Othman²,

Hirun³

et al. 2018

IJET

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This paper intended to develop the concept of firm success among Muslim SMEs in Malaysia. The researchers used entrepreneurial orientation multidimensional as independent variable (innovative, risk and proactive) to examine the relationship of these dimensions towards the success of Muslim SMEs by using Islamic religion practices as moderator. It is about developing the concept of Islamic success factors, as the failure of Muslim SMEs is alarming and the empirical references to Muslim SMEs success focusing on Islamic religion practices are limited. There were many attempts to connect entrepreneurial orientation to the Resource-Based View theory of firms. Resource-Based View, as underpinning theory, helps to describe the proposed research theoretical framework. Recent studies related to firm success have shown that entrepreneurial orientation is composed of innovation, risk and proactive having significant relationship with the firm success in the develop countries. However in Malaysia, there was only one study has documented the conceptual religiosity that influence relationship between entrepreneurial orientation and business success of entrepreneurs among the Malay community. The methodology for this study uses quantitative analysis, specifically, the Partial Least Squares Structural Equation Modelling (PLS-SEM) in processing the data. The population of the study is 2,286 PUNB (Perbadanan Usahawan Nasional Berhad) firms in Malaysia. Finally, this concept finding is able to facilitate future research proposals and to fill the knowledge gap in Resource-Based View concerning the relationship of Resource-Based View towards firm success. This study also contributed to the Resource-Based View literature on the perspective of Islamic religion practices as moderator.

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“…14 Cf. Campagnolo and Vivel (2012), who compare and contrast the entrepreneurial thought of Schumpeter, Wieser, and Werner Sombart. distinct role in dealing with uncertainty. Second, and more narrowly, Mises described the promoter, a real-world actor who earns monetary profits or losses by supervising production (1998, pp.…”

Section: Profit and Enterprisementioning

confidence: 99%

“…As far as the first point is concerned, Fetter plays an important role in demonstrating the continuity and coherence of "Austrian" writings on entrepreneurship (Salerno, 2008). Typically, surveys of Austrian contributions begin with Carl Menger's typology of entrepreneurial behavior, with due credit also given to the entrepreneur's role in the writing of Friedrich von Wieser (Campagnolo and Vivel, 2012). However, the focus tends to be on the writings of Ludwig von Mises and F.A. Hayek, with few references to the work of their…”

Section: Introductionmentioning

confidence: 99%

Good Judgment, Good Luck: Frank Fetter’s Neglected Theory of Entrepreneurship

McCaffrey

2016

Review of Political Economy

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Frank Fetter's contributions to entrepreneurship and the theory of the firm are usually overlooked, even though his original treatments are relevant to both the history of economic thought and contemporary entrepreneurship research. I highlight three ways Fetter's work adds to our understanding of the entrepreneurial process. First, entrepreneurs direct their enterprises via the careful delegation of authority to managers, thereby maintaining residual control over the firm; similar views were pioneered by Frank Knight and the Austrian economists, who continue to study cognate problems like judgmental decision-making and "proxy-entrepreneurship." Second, Fetter foreshadows Knight's influential distinction between risk and uncertainty, arguing that entrepreneurs bear uncertainty through their investment decisions; however, Fetter adds to Knight's work by explicitly considering the role chance and luck play in entrepreneurial success, a problem still debated in entrepreneurship studies. Third, Fetter argues that scarcity implies the active investment of resources, and thus, the need for entrepreneurship; this view hints at current research on entrepreneurial bricolage, as well as work emphasizing investment rather than opportunity as the defining concept of entrepreneurship. It also provides "microfoundations" for strategic entrepreneurship research.

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Before Schumpeter: forerunners of the theory of the entrepreneur in 1900s German political economy – Werner Sombart, Friedrich von Wieser

Cited by 19 publications

References 22 publications

Wieser as a Theorist of Institutional Change

Wieser as a Theorist of Institutional Change

Developing the Concept of Firm Success among Muslim SMEs in Malaysia: a Study of Islamic Religion Practices as Moderator

Good Judgment, Good Luck: Frank Fetter’s Neglected Theory of Entrepreneurship

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