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Entrepreneurship: An Evolutionary Perspective
Abstract:[61-63] By enterprise we mean a persasive activity that changes the rules within which economic decisions are made. The essential feature is to introduce novelty into the economic structure at any level, new ways of behaving generally based on new beliefs and in many cases new knowledge. Thus we recognise the standard case of the invention that is the basis for new rules of production or the new product or the new pattern of business organisation. Enterprise is to be contrasted with simple economic adaptation, changing behaviour within given rules of the game in the presence of invariant beliefs and knowledge.
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