This paper reconsiders the predominant typology pioneered by Baumol (1990) between productive, unproductive and destructive entrepreneurship. Baumol's classificatory scheme is built around a limited concept of first-best outcomes and therefore easily fails to appreciate the true impact of...

This essay argues that the economic contribution of certain firms - be they small, young or rapidly growing - has to be understood in a broader context of creative destruction. Growth of some firms requires contraction and exit of some other firms to free up resources that can be reallocated to...

Entrepreneurship plays a pivotal role for institutional change and economic development in transition and developing economies. Formal and informal institutions in such countries are often sub-par, but rather than being constrained by them, entrepreneurship can often affect institutions and...