The way an individual could put their all into a venture should be enough for them to earn a vast amount of money. However, the fairy tale myth is busted when government has no choice but to regulate businesses. If they didn’t, then some companies could potentially create major monopolies and put the United States economy in distress at large. The government presumes that the futility theses, perversity theses and jeopardy theses are all arguments as to how laissez-faire can be balanced out. This act of critical thinking is a way to protect the littler, less powerful individual trying to keep their businesses and livelihoods
Government Economic Intervention Introduction The United States began its existence as a country newly free of the British Colonial ways and quickly adopted capitalism and its free market, Laissez Faire, ideology. As the economy grew, so did the government and their desire to influence or control the economy, as a means of maintaining equilibrium and fairness in the market place. More than two centuries later, the people of the United States began to doubt their Governments growing desire to intervene in the economy, which has gradually evolved the US into a mixed market economy from the pure free market capitalists we once were. Economic Interventionists and advocates of Laissez Faire have great supporting arguments for why their point of view is the best point of view, but the bottom line is, during the history of the United States, we have seen increases and decreases in the levels of Government Intervention, as well as failures in our previously established free market economy which can easily support the need for economic intervention.
Wennekers, S., Stel, A. van, Carree, M., & Thurik, R. (2010). The Relationship between Entrepreneurship and Economic Development: is it U-shaped? Now Publishers Inc.
The term “entrepreneur” is a French word for risk taking. One of the first people that used that term was Richard Cantillon, who clearly made a distinction between a capitalist and an entrepreneur. Later Jean-Baptiste Say developed the term “entrepreneur” to mark a change from a low productivity usage to a higher productivity usage activity (McDaniel 2002). Soon after, the British economist Adam Smith again discussed the entrepreneur but this time he combined his activities with the capitalist. McDaniel separates entrepreneur and capitali...
The term “entrepreneurship” has been popular for over two centuries already, and yet considerable disagreement remains over its meaning. Meyer et al., (2002) argue that while there are multiple definitions of entrepreneurship, however the whole entrepreneurship field has not yet come to an agreement of a single definition. But it is noteworthy to mention how different authors and scholars since the 1930’s until 2000’s define entrepreneurship.
Entrepreneurship is generally defined as the process of taking risks to develop, arrange and mange an enterprise in a competitive market that is always transforming (Hisrich 2010, p.10). Those who carry out this process are termed as entrepreneurs and they are thought to have distinct character and personality traits that enable them to do this besides being leaders and innovative individuals. Schumpeter, a twentieth century economist, noted that entrepreneurship entails various conditions such as the production of new products and services, a change in production methods, transformation of the market and emergence of a new market, new sources of materials and new firms or industries (Baum et al, 2014, p. 6). What eventually leads to the creation of new
Entrepreneurship is basically the ability to employ resources, irrespective of their magnitude, to create a business. And fundamentally, the driving force is profits even for small businesses. Without profits, the entrepreneur shall not re-coup the initial capital invested and cannot expand the venture and thus cannot engage the services of anyone else, and the shortcomings continue until it becomes a day-to-day merry-go-round without prospects. So, to be...
Entrepreneurship is as vital as blood to the sustainability of any body of people that make up a nation. The trends in this nation go from alarmingly large gaps between the rich and the poor (57.8% highest in the world) to the highest unemployment rates in sub-Saharan Africa which translate into a need for about 5 to 6 million jobs. Defined as “the act of initiating, creating, building an entrepreneurial team, and gathering the necessary resources to exploit an opportunity in the marketplace for long-term wealth and capital gain” (Van Aardt, 2011), entrepreneurship, amongst other things, is the only way that the before mentioned gap can be eradicated increasing the competitiveness of our nation amongst the best.
Entrepreneurship development has the same significance as that of education and training recent industrial policies have given vast powers to the government to create not only enterprises but also entrepreneurs. Fast and recent enterprises failures of project and industrial sickness have brought out the critical role of entrepreneurial competence, given liberal financial and other promotional support.12 When economy gets more competitive and gives lots of opportunities then we want competitive entrepreneurs. Success depends upon only on those who have capacity and who are behind the project.