Entrepreneurial Errors in a Kaleidic Democracy

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Author(s)
Bilo, Simon
Date Issued
June 2018
Abstract
Economic activity is a stream of interconnected experiments, where some are bound to fail. Such failures are costly and policy makers might aspire to mitigate them, particularly during economic crises. The mitigation can happen in two ways: through further entrepreneurial experimentation in the market process or through the political process. When the goal is to minimize uncertainty during economic crises, profit-seeking entrepreneurship should dominate political action. This is because while people easily understand that the goal motivating entrepreneurs is to stay in business and to keep revenues above costs, the goals driving bureaucrats and politicians are less predictable.
Journal
Journal of Private Enterprise; Martin
Department
Economics
Citation
Bilo, S. (2018). Entrepreneurial errors in a kaleidic democracy. Journal of Private Enterprise, 33(2), 53-66. Retrieved from https://search.proquest.com/docview/2041143604?accountid=8268
Publisher
ASSOC PRIVATE ENTERPRISE EDUCATION
Version of Article
Published article
ISSN
0890-913X‎
Rights
The content of this article is published under Creative Commons License Attribution-Noncommercial 3.0 Unported and is available freely for use for educational and research purposes. Please use appropriate citations when using.
Subjects

clusters of errors

democracy

kaleidics

misallocations

uncertainty

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