Entrepreneurs are universally celebrated, but what if modern day entrepreneurship is creating ventures that do more harm than good?A piece this week in Harvard Business Review by Robert E. Litan and Ian Hathaway reminds us of this point by citing the work of William Baumol, who passed away last month.Baumol’s overarching theory is fantastically compelling. It suggests the number of entrepreneurs in an economy is essentially fixed and what influences a nation’s entrepreneurial output is how those entrepreneurs are incentivised.As per our own longstanding argument that innovation should not be treated as a universally positive phenomenon — since innovation comes in both good and bad forms — the view here is that the underlying incentive structure of the economy in which an entrepreneur
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Entrepreneurs are universally celebrated, but what if modern day entrepreneurship is creating...