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.
Frederick Winslow Taylor Frederick Winslow Taylor (March 20, 1856 â€“ March 21, 1915) was an American mechanical engineer who sought to improve industrial efficiency.[2] He was one of the first management consultants.[3] Taylor was one of the intellectual leaders of the Efficiency Movement and his ideas, broadly conceived, were highly influential in the Progressive Era (1890s-1920s). Taylor summed up his efficiency techniques in his 1911 book The Principles of Scientific Management, which in 2001 Fellows of the Academy of Management voted the most influential management book of the twentieth century.[4] His pioneering work in applying engineering principles to the work done on the factory floor was instrumental in the creation and development of the branch of engineering that is now known as industrial engineering. Taylor made his name in, and was most proud of his work in, scientific management; however, he made his fortune patenting steel-process improvements. Taylor was also an athlete who competed nationally in tennis and golf.