Entrepreneur: an Economic Theory

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 Entrepreneur: a fiscal Theory Article

preneur The Businessman

Team FOS

Dedicated to the memory of my cousin Nowell Barlow

The Businessperson

An Economic Theory, Second Copy

Mark Casson

Professor of Economics, University or college of Examining, UK

Edward cullen Elgar

Cheltenham, UK • Northampton, MOTHER, USA

В© Mark Casson 1982, 2003 All legal rights reserved. No part of this kind of publication might be reproduced, kept in a retrieval system or perhaps transmitted in different form or perhaps by any means, electric, mechanical or photocopying, recording, or otherwise with no prior permission of the author. Published simply by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Creating, Inc. 136 West Streets Suite 202 Northampton Massachusetts 01060 UNITED STATES First posted 1982 Second edition 2003 A catalogue record for this book is available from the British Catalogue

Library of Congress Cataloguing in Publication Data Casson, Mark, 1945– The business owner: an economic theory / Mark Casson. — 2nd ed. p. cm. Includes bibliographical references and index. 1 ) Entrepreneurship. I. Title. HB615. C37 the year 2003 338'. 04—dc21 2002037937 ISBN 1 85898 910 almost 8 (cased) Typeset by Pa?oleta Typesetters, Louth, Lincolnshire, UK. Printed and bound in the uk by MILE PER GALLON Books Limited, Bodmin, Cornwall.


Set of п¬Ѓgures List of tables Preamble to the second edition Intro PART I actually THEORETICAL FOUNDATIONS 9 19 34 43 56 ni vii viii 1

you The significance of the businessperson 2 Basic concepts with the theory several The entrepreneur as intermediator 4 The competitive risk to the businessman 5 Partially coordination: the truth of development PART 2 THE MARKET-MAKING FIRM

6 Making an industry 7 Internal and external markets eight The market for information 9 Speculative intermediation as well as the role of inventory supervision 10 Organising the supply of market-making providers PART 3 SYNTHESIS 10 12 13 14 15 Growth and dynamics of the п¬Ѓrm Industry for internet marketers Social mobility and the businessman Alternative ideas of the business owner Conclusions

seventy nine 106 119 135 146

161 one-hundred and eighty-eight 200 215 233 244 265

Bibliography Index

sixth is v


three or more. 1 several. 2 some. 1 4. 2 your five. 1 5. 2 your five. 3 5. 4 6th. 1(a) 6. 1(b) 6. 1(c) 6. 2 eleven. 1 10. 2 14. 3 doze. 1 The Edgeworth field Offer figure in the Edgeworth box Competition between two entrepreneurs in intermediating a great exchange of products using a multi-part tariff Competition between two entrepreneurs in intermediating an exchange of goods using a one-part tariff Technological innovation: a partial evaluation Product creativity: a partial analysis Arbitrage: an incomplete analysis Arbitraging stocks: a partial analysis Total cost capabilities for the п¬Ѓrst market-making activity Total cost functions for the 2nd market-making activity Total expense function to get market making Determination of the quantity of control with market-making costs Durchmischung curves with and without advertising and marketing Dynamics of demand for a brand new durable product Information feedback on merchandise quality improvement: their internalization within the п¬Ѓrm Steady point out of the industry for internet marketers 37 forty 45 47 61 63 66 68 101 information 101 103 173 175 177 196



2 . one particular 2 . 2 Decision-making activities and the characteristics they require Further activities required when there exists functional field of expertise within making decisions, and the features they require A great analysis of entrepreneurial attributes Classification of obstacles to trade, plus the corresponding market-making activities Market-making activities and their most suitable contractual arrangements Alternate forms of entrepreneurship Alternative methods of advancement and their requirements Personal abilities plus the way they are acquired twenty-five

2 . a few 6. 1 10. 1 13. you 13. two 13. three or more

30 thirty-one 84 148 203 205 209


Preface to the second copy

I was delighted which the continuing demand for this book police warrants the syndication of a fresh edition a lot more than 20 years following it п¬Ѓrst appeared. Even though the book has been in print nearly continuously because it was п¬Ѓrst...

References: Activity

approach has been sympathetically reviewed by Shackle (1981)