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Creativity in a theory of entrepreneurship

Author

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  • James Lee Caton
Abstract
Purpose - The purpose of this paper is to integrate a detailed theory of perception and action with a theory of entrepreneurship. It considers how new knowledge is developed by entrepreneurs and how the level of creativity is regulated by a competitive system. It also shows how new knowledge may create value for the innovator as well as for other entrepreneurs in the system. Design/methodology/approach - The theory builds on existing literature on creativity and entrepreneurship. It considers how transformation of mental technologies occurs at the individual and system levels, and how this transformation influences value creation. Findings - Under a competitive system, the level of creativity is regulated by the need for new ways of doing things. Periods of crisis wherein old means of coordination begin to fail often precipitate an increase in creativity, whereas a lack of crisis often allows the system to settle to a stable equilibrium with lower levels of creativity. Research limitations/implications - The combination of methodology and methods facilitates a description of discrete building blocks that guide perception and enable creativity. This framing enables consideration of how a changing set of knowledge interacts with a system of prices. Practical implications - Policy makers must take care not to encumber markets with costs that unnecessarily constrain creativity, as experimentation makes the economic system robust to shocks. Social implications - This work provides a framing of cognition that allows for a linking of agent understanding that permits explicit description of coordination between agents. It relates perception and ends of the individual to constraints enforced by the social system. Originality/value - As far as the author is concerned, no other work ties together a robust framing of cognition with computational simulation of market processes. This research deepens understanding in multiple fields, most prominently for agent-based modeling and entrepreneurship.

Suggested Citation

  • James Lee Caton, 2019. "Creativity in a theory of entrepreneurship," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 8(4), pages 442-469, September.
    • Handle: RePEc:eme:jepppp:jepp-d-18-00084
    DOI: 10.1108/JEPP-D-18-00084
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    References listed on IDEAS

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    1. Peter J. Boettke & Christopher J. Coyne & Peter T. Leeson, 2015. "Institutional stickiness and the New Development Economics," Chapters, in: Laura E. Grube & Virgil Henry Storr (ed.), Culture and Economic Action, chapter 6, pages 123-146, Edward Elgar Publishing.
    2. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    3. Charles W. Calomiris & Gary Gorton, 1991. "The Origins of Banking Panics: Models, Facts, and Bank Regulation," NBER Chapters, in: Financial Markets and Financial Crises, pages 109-174, National Bureau of Economic Research, Inc.
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    5. Peter Leeson & Christopher Coyne & Peter Boettke, 2006. "Converting social conflict: Focal points and the evolution of cooperation," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 19(2), pages 137-147, June.
    6. Peter T. Leeson, 2006. "Cooperation and Conflict," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(4), pages 891-907, October.
    7. Noel D. Campbell, 2012. "Entrepreneurial action and the rules of the game," Journal of Entrepreneurship and Public Policy, Emerald Group Publishing Limited, vol. 1(1), pages 4-11, April.
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