What Institutional Factors Encourage Entrepreneurship?
Economics of Entrepreneurship Series Module 6
Module 6: What Institutional Factors Encourage Entrepreneurship?
People respond to incentives in predictable ways. The “rules of the game,” or what economists call institutions, influence the choices individuals make. Basic institutions like laws and cultural customs establish the foundational incentive structure of an economic system. Entrepreneurs are vital to economic growth and higher living standards. Societies with an institutional environment that discourages entrepreneurship tend to see few individuals involved in wealth creating activities. This lesson introduces students to the concept of institutions as we evaluate the impact specific institutions tend to have on encouraging or discouraging entrepreneurship.
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Overview
Additional Resources
Concepts and Terms
Objectives
Introduction
I, Pencil: The Movie
Watch Video
Think and Reflect
I, Pencil: My Family Tree by Leonard Read
Read Essay
Lesson Quiz
Knowledge Recap
Bonus Material
Introduction
Can Order Be Unplanned? by Learn Liberty
Watch Video
Think and Reflect
Spontaneous Order
Watch Video
Cavemen, Money, and Spontaneous Orders by Sandy Ikeda
Read Article
Think and Reflect
The Beauty of Emergent Order by Voice and Exit
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Think and Reflect
Lesson Quiz
Knowledge Recap
Bonus Material
Introduction
What Caused the Economic Boom of Wealth?
Watch video
Think and Reflect
Liberty and Dignity Explain the Modern World by Deidre McCloskey
Read Article
Think and Reflect
Activity: Tragedy of the Lemonade
Lesson Quiz
Knowledge Recap
Bonus Material
Introduction
Incentives Matter by Learn Liberty
Watch Video
Think and Reflect
The Power of Incentives by Dwight Lee
Read Article
Think and Reflect
Candy Cartel
Lesson Quiz
Knowledge Recap
Bonus Material
Introduction
Watch Video: Why Can't Chuck Get His Business off the Ground?
Think and Reflect
Does Occupational Licensing Protect Its Consumers? by John Hood
Read Article
Think and Reflect
Should You Need the Government's Permission to Work?
Watch Video
Think and Reflect
Burdens of Licensure
Lesson Quiz
Knowledge Recap
Bonus Material
Module 6 Badge