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Theory
A generalization that explains a set of facts or phenomena; can be supported by observation or proven otherwise.
Innovation Theory
Economic development as the product of structural change or innovation, contributed by Joseph Schumpeter.
Keynesian Theory
Emphasizes the role of government in entrepreneurial and economic development, especially during times of depression, developed by John Maynard Keynes.
Alfred Marshal Theory
Asserts that there are four factors of production: land, labor, capital, and organization; entrepreneurship is the driving element behind organization.
Risk & Uncertainty-Bearing Theory
Conceptualized by Frank Hyneman Knight, views entrepreneurs as agents connecting producers and consumers, with risk-taking as a distinguishing factor.
Weber’s Sociological Theory
Asserts that social cultures significantly contribute to entrepreneurship.
Kaldor’s Technological Theory
Gives importance to the advancement of technology as an element of production.
Leibenstein’s Gap Filling Theory
Advocates that entrepreneurship fills gaps in economic activity.
Kizner’s Learning Alertness Theory
Focuses on learning and alertness as the primary attributes of entrepreneurship.
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