[9] For much of the 20th century there have been complaints about the failure of economic theory to provide tools with which to analyse the development of business enterprise. While the neoclassical theory of the firm has enabled scholars to determine the impact of exogenous changes, such as tax or subsidy, upon prices and quantities sold, it has provided few insights into the sort of changes that might occur to the structure and organisation of the firm during the equilibrating process. ... There is simply no scope for judgement and certainly no role for the innovating entrepreneur. Equilibration is a costless, timeless and riskless process, with the manager of the neoclassical firm no more than an automaton applying known techniques to achieve certain outcomes.