Taking the Plunge: Teaching the Microeconomics of Entrepreneurship

Stull, William J.,(2014), Taking the Plunge: Teaching the Microeconomics of Entrepreneurship. , Int Adv Econ Res, UNSPECIFIED

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Despite the importance of entrepreneurship in market economies, it is seldom given extensive coverage in undergraduate economics courses. Authors documenting its limited treatment in textbooks call for more in-depth, microtheoretic analyses that go beyond definitions and descriptions. The present paper represents an initial attempt to fill this gap in our pedagogy by describing a simple model of the entrepreneur “plunge” decision that is appropriate for intermediate microeconomics (and related) courses. The model, an extension of Scitovsky’s classic theory of the owner-managed firm, provides a formal analysis of the choice between paid employment and entrepreneurship that is based on utility maximization and takes into account the pecuniary and non-pecuniary benefits/costs of the two options. The intellectual origins and classroom presentation of the model are also discussed.
Keywords : Teaching of Economics . Entrepreneurship . Economic Education, UNSPECIFIED
Journal or Publication Title: Int Adv Econ Res
Volume: 20
Item Type: Article
Subjects: Ekonomi Pembangunan
Depositing User: Elok Inajati
Date Deposited: 26 Dec 2019 07:24
Last Modified: 26 Dec 2019 07:24
URI: https://repofeb.undip.ac.id/id/eprint/894

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