ABSTRACT
The purpose of this chapter is to explore the philosophies underpinning economic approaches to the study of entrepreneurship. Economic theories have made significant contributions and are one of the historical roots of the subject (Bygrave, 1989). Despite these contributions the concept of the ‘entrepreneur’ and the function of entrepreneurship in society have ranged extensively within theories (Hébert and Link, 1988). Previous categorisations have shown that the ‘entrepreneur’ has been viewed as a class of economic actor, a capitalist, a manager, an owner, an arbitrageur, an innovator and the bearer of uncertainty (Binks and Vale, 1990). These early theories of entrepreneurship continue to have a profound affect on the meaning of ‘entrepreneurship’ within contemporary society and consequently influence current debate in the subject (Kirchhoff, 1991). Although previous research has explored many of the differences between economic theories contributing to our understanding there is only limited prior work on the philosophical basis of these differences (Barreto, 1989). The purpose of the chapter is to explore these ‘taken for granted’ assumptions explaining some of the fundamental differences that exist in key conceptions of the ‘entrepreneur’. Understanding these differences is important because it helps us recognise the factors which influence policy interventions designed to promote ‘entrepreneurship’ and ‘enterprise’.
