Richard Cantillon's Essay on the Nature of Trade in General

Cantillon, Richard

doi:10.4324/9781315794686

Cited by 62 publications

(71 citation statements)

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“…We wish to assess the capture of value by the strategic entrant as entrepreneurial rents. Moreover, we will consider the entrepreneurial rents as arising from four different forms of entrepreneurial action or function taken from the literature on entrepreneurship since Cantillon (). These functions, and the scholars whose names are associated with them, are arbitrage (Kirzner), innovation (Schumpeter), organization (Coase, Casson), and uncertainty‐bearing (Knight)…”

Section: A Two‐period Model Of Value Capture As Entrepreneurial Rentsmentioning

confidence: 99%

An economic model of strategic entrepreneurship

Westgren

Wuebker

2019

Strategic Entrepreneurship

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Research Summary How do new entrants create and capture value in established industries? Starting from the foundations of neoclassical economics, we model entrepreneurial entry and competition as occurring simultaneously in production technology space and product attribute space. Our model's central feature is to disaggregate entrepreneurial rents into four components: arbitrage, innovation, organization, and uncertainty‐bearing. This permits us to model the nature of value creation from a common analytical platform, and to measure value capture as a set of distinct rent streams available to multiple stakeholders over time. Managerial Summary Although there is broad consensus that the essence of entrepreneurship is the creation and capture of new value, both scholars and practitioners have struggled to connect this basic exhortation to the entrepreneurial process. This paper argues that returns to entrepreneurial action can be generated through four main mechanisms: innovation, uncertainty‐bearing, new business models, or inter‐industry arbitrage—either uniquely, or in combination. Examining these mechanisms for value creation together reveals implications for how best to organize and manage the entrepreneurial process so that that returns to entrepreneurial action can be appropriated equitably.

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Section: A Two‐period Model Of Value Capture As Entrepreneurial Rentsmentioning

confidence: 99%

An economic model of strategic entrepreneurship

Westgren

Wuebker

2019

Strategic Entrepreneurship

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“…The original concept of entrepreneurship is attributed to economists Cantillon (1755) and Say (1821). Since then, several authors have expanded the discussion on what is entrepreneurship and who is the entrepreneur (Austin et al, 2006;Druilhe and Garnsey, 2004;Gartner, 2008).…”

Section: Concepts and Key Factors Of Academic Entrepreneurshipmentioning

confidence: 99%

Profile of academic entrepreneurship in Brazil

Bin

Gavira

Figueira

et al. 2018

INMR

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Purpose -This paper aims to understand, in the state of São Paulo academic environment, the differences between the profiles of academic entrepreneurs, nonacademic entrepreneurs and non-entrepreneurs.Design/methodology/approach -The authors collected data from a more comprehensive research, whose objective was to evaluate the scholarship programmes of São Paulo Research Foundation (FAPESP). For data collection, the authors used an online questionnaire, pre-filled with information from the Lattes Curriculum of the sample individuals, as well as information obtained from FAPESP and from coordination for the improvement of higher education personnel. The response rate of the questionnaires was 21 per cent. The authors sought to explore the variables regarding entrepreneurial activities carried out by former scholarship holders, by relating them to other key variables identified in the literature review and explained in the hypotheses.Findings -The results indicate that entrepreneurship rates decrease with the higher academic level of the researcher; in general, academic entrepreneurs come from families with a good financial situation, and applied sciences are the areas of knowledge with more entrepreneurs.

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“…Entrepreneurship research maintains a strong interest in the role of uncertainty in entrepreneurial decisionmaking. In fact, uncertainty has been a defining characteristic of entrepreneurship since Richard Cantillon (2001Cantillon ( [1755) published the first treatise on economics almost three centuries ago. Today, drawing on Frank Knight's (1933Knight's ( [1921) influential distinction between risk and uncertainty, new literature continues to explore the meaning of uncertainty, how it shapes entrepreneurs' perceptions, doubts, and knowledge, and how actors can ultimately overcome it (McMullen and Shepherd, 2006).…”

Section: Uncertaintymentioning

confidence: 99%

Extending the Economic Foundations of Entrepreneurship Research

McCaffrey

2017

European Management Review

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As the entrepreneurship discipline grows, it increasingly faces unique research challenges. Recently, ‘interactive, activity based, cognitively hot, compassionate, and prosocial’ approaches to the study of entrepreneurship have arisen to meet these challenges. This paper builds on recent discussions by emphasizing, in addition, the persistent value of economic foundations for a progressive research agenda in entrepreneurship. A realist economic perspective is both fundamental for entrepreneurship and complements newer research trends. It has also stood the test of time: economic questions relating to methodological individualism, uncertainty, judgment, opportunities, social motivations, and incentives have not only set the tone for past research, but continue to offer starting points and insights for contemporary work. This paper thus makes two contributions: first, it explains the relevance of each of these concepts for contemporary work in entrepreneurship studies, and second, it uses them to pose novel research questions. These questions complement the abovementioned emerging trends in entrepreneurship.

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Richard Cantillon's Essay on the Nature of Trade in General

Cited by 62 publications

References 0 publications

An economic model of strategic entrepreneurship

An economic model of strategic entrepreneurship

Profile of academic entrepreneurship in Brazil

Extending the Economic Foundations of Entrepreneurship Research

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