The Economics of Small Business

An Introductory Survey

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:

• Introduction
• Small and Medium Businesses: A Diverse Population
• Microeconomics and Small Business
• Entrepreneurship and Small Business
• Small Business, Growth and Employment
• Small Business as Family Business
• The Life Cycle of Small Business, Part 1: "Spawning"
• Small Business and Liquidity Constraint
• The Life Cycle of Small Business, Part 2: Succession
• Franchising
• The Controversy Over "Gibrat's Law"
• Small Business and Happiness
• Small Business, Women and People of Color
• Economic 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.
Key Features:

• Surveys a broad range of research focused on the economics of small business
• Accessible to readers with elementary knowledge of economics and probability
• Critically discusses the role of small business in employment growth and the relationship of small business to entrepreneurship and growth