Inspired by Schumpeter's seminal depiction of the entrepreneur, this paper recasts this heroic portrait in a more rigorous theoretical framework, leveraging a model of individual value preferences by Schwartz. The entrepreneurial spirit, it is argued, consists of particular value preferences:...

Schumpeter's canonical depiction of the entrepreneur as an agent of social and economic change implies that entrepreneurs are especially sensitive to the social environment. We use an organizing framework based on institutional economics, in combination with lessons from cross-cultural...