Keynes’s Reflections on Entrepreneurship: Of Entrepreneurs and South Pole Explorers

• Published in: Wirtschaftsdienst
• Main Author: Christian Hecker
• Format: Article in Journal/Newspaper
• Language: German
• Published: Springer 2021
• Subjects: Economic theory. Demography; HB1-3840; Social history and conditions. Social problems. Social reform; HN1-995; South Pole; South pole
• Online Access: https://doi.org/10.1007/s10273-021-2899-0; https://doaj.org/article/c912149c80684597968642de8f69ba7a

Abstract From Keynes’s point of view, the success of market economies depends not only on government economic policy, but also on the initiatives of forward-looking entrepreneurs. In his opinion, entrepreneurs must distinguish themselves by forming long-term expectations despite omnipresent uncertainty and act accordingly at their own risk. In this way, they contribute significantly to economic stability, human capital formation and technological progress. Today, the importance of entrepreneurship is particularly evident with regard to the development of sustainable business models, whereas orientation towards capital market-based benchmarks can lead to serious misdirection.