In this book David Audretsch examines the impact of public policy in the entrepreneurial society and in ensuring that entrepreneurship continues to serve as a driving force for economic performance. Do university policies or knowledge conditions

Previous generations enjoyed the security of lifelong employment with a sole employer. Public policy and social institutions reinforced that security by producing a labor force content with mechanized repetition in manufacturing plants, and creating loyalty to one employer for life. This is no longer the case. Globalization and new technologies have triggered a shift away from capital and towards knowledge. In today's global economy, where jobs and factories can be moved quickly to low-cost locations, the competitive advantage has shifted to ideas, insights, and innovation. But it is not enough just to have new ideas. It takes entrepreneurs to actualize them by championing them to society. Entrepreneurship has emerged as the proactive response to globalization. In this book, award-winning economist David B. Audretsch identifies the positive, proactive response to globalization--the entrepreneurial society, where change is the cutting edge and routine work is inevitably outsourced. Under the managed economy of the cold war era, government policies around the world supported big business, while small business was deemed irrelevant and largely ignored. The author documents the fundamental policy revolution underway, shifting the focus to technology and knowledge-based entrepreneurship, where start-ups and small business have emerged as the driving force of innovation, jobs, competitiveness and growth. The role of the university has accordingly shifted from tangential to a highly valued seedbed for coveted new ideas with the potential to create not just breathtaking new ventures but also entire new industries. By understanding the shift from the managed economy and the emergence of the entrepreneurial society, individuals, businesses, and communities can learn how to proactively harness the opportunities afforded by globalization in this new entrepreneurial society.

This timely book analyses the emergence of new firms in a broad context where economics, management and sociological approaches may be joined for a new perspective. The Entrepreneurial Society reveals that the market benefits of an entrepreneurial economy are evident in the new technology that has been made available to consumers over the past ten to 20 years. It illustrates that entrepreneurial firms provide the market with innovations that create new products and, in turn, generate new employment and tax revenue, thus playing a critical role in surviving the economic crisis. The expert contributors explore the diverse conditions that explain, permit and support entrepreneurship, allowing thinking outside the box and enhancing breakthrough innovations. At a time when new challenges relating to the ecological footprint are appearing, this work will prove crucial. The eclectic approaches to entrepreneurship within this book, gathered from different countries and fields of research, will prove to be hotly sought after by researchers and postgraduate students of entrepreneurship and social policy.

In the depiction of the post-World War II economy, two factors mattered for economic growth: capital and labor. Economists were thus focused on macroeconomic policy, in order to induce investment in capital, while social institutions like education were oriented towards producing a labor force equipped to work in an economy consisting of large-scale factories. However, in the leading developed economies, globalization and technology have triggered a shift away from capital, which can be moved to lower-cost locations through downsizing and outsourcing of employment, and towards knowledge. Audretsch argues in this book that the entrepreneurial economy is the strategic response to this shift. In this economy, a new growth policy has emerged, focusing on promoting knowledge capital and entrepreneurship capital with programs like incubators, science parks, and start-up programs. In addition, knowledge-based geographic clusters have arisen, like Silicon Valley, Cambridge, and Bangalore. This book will provide a lens for understanding and interpreting the emergence of entrepreneurship policy. Audretsch will make connections between entrepreneurship and economic growth at the levels of individual firms and entire regions. He concludes that entrepreneurship contributes to economic growth by serving as a conduit for knowledge spillovers, injecting competition into the market for new ideas, and increasing the amount of diversity. This book should appeal to researchers and students in developmental economics.

'The concept of the "entrepreneurial economy" stems from the widespread belief that entrepreneurship is perhaps the most important and scarcest input factor of modern highly developed economies. This has resulted in a multitude of studies on the drivers and consequences of entrepreneurship in its many manifestations. Less is known about how entrepreneurship interlinks with modern institutions and policy aims such as education, finance, regulation, and the struggle with crises. The present volume fills this gap in our understanding of the "entrepreneurial economy". It shows that the concept of the "entrepreneurial economy" is so broad that "entrepreneurial society" is the better term.' – Roy Thurik, Erasmus University Rotterdam, The Netherlands In the constant challenge economies face to grow and adapt, entrepreneurship and innovation are considered key factors. This impressive book shows the complementary and decisive role that education, access to an efficient financial system, and regulation may have in creating an entrepreneurial society. Not only growth, but also better growth is required to address the tremendous challenges that our European economies are facing. The contributors illustrate how more entrepreneurs and more new innovative entrepreneurial firms can contribute. They highlight a variety of factors that may be considered to promote entrepreneurship among young people, and innovative activities among firms. These include education and seeking the most favourable context for the creation and development of sustainable, innovative companies, especially during economic crises. This timely book analyses the built economy in education, sustainability and regulation to favour the emergence of new, entrepreneurial firms. With an international focus, the book provides the results of numerous research projects around entrepreneurship. Based on solid quantitative analysis, it will prove essential for students and researchers who are building quantitative models to study different aspects of the entrepreneurial society.

While the public policy community has turned to entrepreneurship to maintain, restore, or generate economic prosperity, the economics profession has been remarkably taciturn in providing guidance for public policy for understanding the links between entrepreneurship and economic growth as well as for framing and weighing policy issues and decisions. The purpose of this volume is to provide a lens through which public policy decisions involving entrepreneurship can be guided and analyzed. In particular, this volume provides insights from leading research concerning the links between entrepreneurship, innovation, and economic growth that shed light on implications for public policy. The book makes clear both how and why small firms and entrepreneurship have emerged as crucial to economic growth, employment, and competitiveness as well as the mandate for public policy in the entrepreneurial society.

This unique volume presents policy recommendations designed to promote entrepreneurship. It considers timely issues like impact of securities regulation, educational policy and intellectual property protection on entrepreneurship. In the process, the book addresses policies operating at the individual, national, regional, and international levels, and offers a unique perspective on several institutional structures that enhance entrepreneurship and economic growth.