To Be or Not to Be: The Entrepreneur in Endogenous Growth Theory

We examine the conceptualization of entrepreneurs in neo-Schumpeterian growth theory, which has reintroduced into mainstream economics. Specifically, we analyze how neo-Schumpeterians relate to contradiction between entrepreneur-centered view Schumpeter (1934) and entrepreneurless framework (1942), with two frameworks entailing vastly different economic policy implications. The analysis is based on a review approximately 750 peer-reviewed articles over period 1990–2018. were identified using text mining methodology supervised machine learning. results show that literature leans towards (1942); innovation returns are modeled as following an ex ante known probability distribution. By assuming outcomes activities (probabilistically) deterministic, Schumpeterian entrepreneur becomes redundant. In addition, abstracts from genuine uncertainty, thus evading central issues regarding function entrepreneur, especially respect disruptive innovations, ownership, profits. To incorporate needs adopt broader conceptual foundation goes beyond equilibrium modeling.