who propounded entrepreneurship as a theory of business
Joseph Schumpeter Schumpeter's relationships with the ideas of other economists were quite complex in his most important contributions to economic analysis â€“ the theory of business cycles and development. Following neither Walras nor Keynes, Schumpeter starts in The Theory of Economic Development[26] with a treatise of circular flow which, excluding any innovations and innovative activities, leads to a stationary state. The stationary state is, according to Schumpeter, described by Walrasian equilibrium. The hero of his story is the entrepreneur.
The Protestant Ethic and the Spirit of Capitalism The Protestant Ethic and the Spirit of Capitalism (German: Die protestantische Ethik und der Geist des Kapitalismus) is a book written by Max Weber, a German sociologist, economist, and politician. Begun as a series of essays, the original German text was composed in 1904 and 1905, and was translated into English for the first time by American sociologist Talcott Parsons in 1930.[1] It is considered a founding text in economic sociology and sociology in general.