Economics 301

ECON 301:The Economics of Entrepreneurship

Credit Hours: (3)

Examines the nature and significance of the entrepreneurial drive throughout history, focusing on the role that this drive has played in the economic growth of countries, how public policy has fostered this drive, and how this drive is unfolding, both locally and globally, in our current era of rapid technological innovation.


Detailed Description of Content of the Course

The purpose of this course is to develop in students an understanding and appreciation of the entrepreneurial spirit.

The following topics will be covered:

        - What is the entrepreneurial spirit?

        - Resource-based (labor, capital, land) theories of entrepreneurship

        - Entrepreneurship in society, economic growth, and public policy

        - The political economy of entrepreneurship

        - Entrepreneurship and global capitalism

        - Entrepreneurship and the financial community - risk and return

        - The economics of innovation policy

        - Entrepreneurship in the new service economy


Detailed Description of Conduct of the Course

Lectures and discussion will predominate in daily class activities.  However, a combination of videos, speakers and other methods may also be used in course delivery.


Goals and Objectives of the Course

After successful completion of the course, the students will be able to:

        - Understand the entrepreneurial spirit (e.g. Schumpeter's approach)

        - Analyze resource allocation options in the entrepreneurship model

        - Assess how government can promote the entrepreneurial drive by establishing policies that encourage competition and innovation

        - Appreciate the role of entrepreneurs in society

        - Ascertain, in a global market context, gaps in the provision of products and services, and how one might go about filling those gaps

        - Understand economic behavior under conditions of risk and uncertainty

        - Understand the innovation process and how innovation leads to economic growth

        - Appreciate the dynamic nature of economies as they move from agrarian, to industrial, to service societies


Assessment Measures

Students will be assessed through examinations, in class activities, and written assignments (e.g., a paper on entrepreneurial strategies).


Other Course Information       



Review and Approval

Date Action Reviewed by
January 2008 New course N. Hashemzadeh, Chair
April 16, 2012 Revised