This survey reviews research on the economics of small business, introducing key concepts for the understanding of the research, including some basic microeconomics, distribution functions, and concepts of entrepreneurship. Accessible to readers with elementary knowledge of economics and probability, the book is suitable as a text for an undergraduate course in the economics of small business. It also covers the economics of organization, the role of the family in small business, human capital and nonpecuniary motivation, together with the relationship of small business to entrepreneurship and growth. Public policy toward small business is discussed with an emphasis on the United States, together with comparisons and contrasts of many other countries.
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Contents: IntroductionSmall and Medium Businesses: A Diverse PopulationMicroeconomics and Small BusinessEntrepreneurship and Small BusinessSmall Business, Growth and EmploymentSmall Business as Family BusinessThe Life Cycle of Small Business, Part 1: “Spawning”Small Business and Liquidity ConstraintThe Life Cycle of Small Business, Part 2: SuccessionFranchisingThe Controversy Over “Gibrat's Law”Small Business and HappinessSmall Business, Women and People of ColorEconomic Policy for Small Business
Readership: Students and lecturers of undergraduate courses in the economics of small business, academics in business fields, readers with elementary knowledge of economics and probability.
Keywords:Small Business;Microeconomics;Entrepreneurship;Human Capital;Family Business;Public Policy;Gibrat's LawReview:Key Features:Surveys a broad range of research focused on the economics of small businessAccessible to readers with elementary knowledge of economics and probabilityCritically discusses the role of small business in employment growth and the relationship of small business to entrepreneurship and growth
