Schumpeter Theory and Static Efficiency in Neoclassical Essay – Economics Assignment Help

Assignment Task

Task 

a) Explain how entrepreneurs remake the economy over time in Schumpeter’s theory and how this differs from the focus on static efficiency in neoclassical analysis. 

b)With reference to the theories of Baumol and Schumpeter, and the activities of one or more real world entrepreneurs during the last 30 years, explain how entrepreneurship can be either productive or unproductive. 

Further instructions for question (b): use your example entrepreneur(s) to demonstrate your understanding of the theories. You must discuss the relevant aspects of the theories properly. Identify some key facts about your entrepreneur(s) that can help you to illustrate the theories. Be careful not to be slanderous – i.e. your claims should be clearly supported by the evidence and not ‘over egged’, although you can also report what other people have claimed (e.g. “According to Bloggins (2018), my example entrepreneur did this …”). You may focus on a specific company or other organisation that has acted entrepreneurially, rather than a specific individual within it, if you prefer. Whichever question you choose, provide some appropriate references.