Dan Johansson on Economics without Entrepreneurship or Institutions

Dan Johansson discusses his 2004 vocabulary analysis of graduate textbooks used in economics programs. He investigated their treatment of two sets of ideas. One is knowledge and discovery: entrepreneur, innovation, invention, tacit knowledge, and bounded rationality. The other deals with social rules: institutions, property rights, and economic freedom. Today, mainstream economics gives more attention to institutions, property rights, and economic freedom. But the textbooks remain pretty much the same today, and the mainstream generally continues to neglect entrepreneurship, discovery, and the richness of knowledge.