Kirchhoff blends economics, business, and governemnt policy to demonstrate that entrepreneurship's role in business formation and growth energizes and maintains the viability of capitalism. Entrepreneurs convert new ideas into marketable products and services and use these to grab market shares from older, established firms. This process not only produces economic growth, but also redistributes resources so as to assure equitable distribution within society. Acknowledging that this perception is descriptive but lacks predictive power, Kirchhoff offers a typology to assist in predictive theory building and to guide government policy development.
About the Author
BRUCE A. KIRCHHOFF is Professor of Entrepreneurship at the School of Industrial Management at the New Jersey Institute of Technology. Prior to becoming a professor, he spent ten years in sales, marketing and international business with two corporations. During his 23 years as a professor, he took time out to start two high technology businesses and to serve as Chief Economist of the U.S. Small Business Administration and later as an Assistant Director for the Minority Business Development Agency. He has served the International Council for Small Business as President, Financial Vice President and serves on the Steering Committee of the International Small Business Congress. He is on the Board of Editors of the Small Business Forum, the Journal of Small Business Management and Entrepreneurship Theory and Practice.
Table of Contents
The Dynamics of Economic Growth
Dynamic Capitalism's Conflict with General Equilibrium Economics
Schumpeter's Theory of Creative Destruction
The Dynamic Capitalism Typology
Data Systems to Support Dynamic Capitalism
Data Foundations for Measuring Firm Dynamics
Evidence of Dynamic Capitalism in the U.S. Economy
Entrepreneurial Success: New Firm Survival
Measuring New Firm Formation and Economic Growth
The Future of Dynamic Capitalism