BIJED

Abstract

This study is basically a review of the concept of entrepreneurship from the Perspectives of Economists. History of economic thought and the activities of the modern society show different articulations of the concept of entrepreneurship and that of an entrepreneur even though at different times, different words were used in their places. A review of this nature is very imperative for better understanding and encouragement of entrepreneurship for the good of all human societies. This study adopts a historical survey research design to gather information on the conceptualization of entrepreneurship in economic literature and the study is structured into three basic schools of thought, which impacted significantly on the concept and growth of entrepreneurship, namely classical, neoclassical; and the Austrian school of thought cum the modern day economics. The study shows that there is evidence of the recognition of the fact that human resource is the major source of value creation, economic development and industrialisation and that the enterprise of the human resource or entrepreneurship is very vital for the contributions of human resource to economic growth. The concept of entrepreneurship had developed over time based on the changing world’s economic Structure and complexity. In all these, a complete or acceptable general theory of entrepreneurship is yet to emerge in economics. This study therefore recommends that all nations should continue to promote the central role of entrepreneurship in economic progress and development as recognised in economic literature, and that modern day economists should develop a complete theory on entrepreneurship even if it is a stand-alone economic theory.