January 1, 2001

Entry and Entrepreneurship

The Case of Post-Communist Russia
  • Peter J. Boettke

    Director, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics
  • Bridget Butkevich

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Boettke and Butkevich argue that a vibrant society is an entrepreneurial society. Entrepreneurial effectiveness is a function of the free movement of economic actions – their alertness to opportunities for mutual gain, and their sense of when and where to enter and exit a market. Boettke and Butkevich focus not so much on the behavior of entrepreneurship, but the institutional conditions within which entrepreneurship takes place. They argue that policies which hinder the above ground legitimate expression of entrepreneurial discovery must be eliminated for the further development of the Russian economy towards a market system and away from the current “virtual economy”. Institutions of governance must be established which reduce political uncertainty and encourage individuals to be willing to bet on their ideas and find the financing to bring those bets to life.

Read the article at Berkeley Electronic Press.