value generated by a new venture
is the definition of the entrepreneur as the claimant of the residual
notions of entrepreneurship, the most fundamental and enduring
to understanding the role of entrepreneurship. For all the different
the course of a market transaction, however, turns out to be the key
A more broadly construed notion of the residual value created in
match the power of the large corporation in creating value.
created. In this frame of reference, Barro is right: No institution can
consumer and producer surpluses: the more exchange, the more value
services in the economy—is fundamentally grounded in the logic of
gross domestic product (GDP)—the magnitude of flows of goods and