Imagination is more important than knowledge, but if intellect does not provide the needed logical structures, capacities for envisioning new possibilities are overly constrained. The sustainability problems we face today cannot be solved with the same kind of thinking that created them, but...

This paper makes a simple but underappreciated point: due to the open-ended nature of constitutional entrepreneurship, the personal characteristics of constitutional entrepreneurs — intellect, will, virtues and vices, etc. — directly bear on constitutional change. The paper demonstrates this...

This paper argues that liberty and progress arose due to the generalized increasing returns to economic activity. These increasing returns follow from the gradual, cumulative process of institutionalizing liberties. As a society adopts an institutional framework from accumulated liberties, there...

William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a...

William J. Baumol is the 2003 winner of the International Award for Entrepreneurship and Small Business Research. Throughout his career Baumol has urged the profession to pay attention to the instrumental role of entrepreneurship in economic renewal and growth. At the same time he has insisted...

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research. In this essay, we present and evaluate his main contributions to the economics of entrepreneurship. The focus is on how Kirzner defines the entrepreneurial function. In order to...

This paper presents a new 29-item measurement instrument designed to assess the impact of habits and behaviour of business founders on organizational routines. Adopting an evolutionary approach, habits and routines are conceived as social replicators with the former impacting the latter. The...

We look at several of Elon Musk’s business ventures, forays, and interests: (1) X.com; (2) SpaceX; (3) Tesla; (4) cryptocurrency; and (5) Twitter. We discuss Musk’s decision-making and see whether behavioural economics, especially prospect theory, can help us to better understand his...