53
the melbourne review
Vol 2 Number 2 November 2006
the melbourne review
Economic experiments: the role ofentrepreneurship in economic prosperity
Scott Stern
1
Incre
economic experiments can be (and
companies (and can even be found
E
ntrep
ingredient in economic
a fundamental role in capitalist
institutions can be designed to ensure
the melbourne review
Vol 2 Number 2 November 2006
54
the melbourne review
entrepreneurs can be more aggressive
entrepreneurs once again playing
and organisational experiments — as
and prosperity.
experiment is an attempt to exploit a
opportunity (e.g. a novel software
of combinatorial experiments is
university groups pursuing a
overall impact of experimentation in
experimentation supported in a
entrepreneurs are often able tocollectively pursue a more diverse
so are able to explore a wider set of
of economically useful knowledge
economic prosperity.
taken an increasingly rigorous lookinvolves
several known
novel combination.
55
the melbourne review
Vol 2 Number 2 November 2006
the melbourne review
experimentation is usually required
to
very different proposals were
from entrepreneurial activity is to
potential market applications for
most important type of economicexperiment — organisational
Organisational experimentation
organisations in order to exploit
rtunities. In
knowledge and incentives required
entrepreneurs pursued a single
different potential market application
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Economic experiments: the role of entrepreneurship in economic prosperity
by Scott Stern, published in the Melbourne Review, November 2006
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