Understand Entrepreneurship Anew

Jul 20-2022   

In his four-decade long academic career, Prof. Zhang Weiying of the NSD has always put the topic of entrepreneurship at the center stage of his research. His latest thoughts and findings are now accessible in his newly published book Understand Entrepreneurship Anew.

Over the last five to six years, Prof. Zhang has written more than 30 papers and essays on entrepreneurship, innovation, and economic growth. By meticulously sifting through and classifying them, Prof. Zhang has made the book more than just a simple collection of articles but a systematic presentation of his pondering and contemplation to the readers.

The book seeks to answer four major questions: How do entrepreneurs make decisions in the real world? Why do entrepreneurs have no place in mainstream economics? Why do entrepreneurs do? And what kind of institutional ecosystem is the most favorable for entrepreneurship to get into play?

In the preface, Prof. Zhang says that the book is intended for scholars, government officials, and entrepreneurs. He hopes that his economist colleagues will reflect with him on the deficiencies of mainstream economics and go on to correct the misunderstandings of the market, that government officials will have less of their ‘fatal hubris’ and more respect for and fear of the market, that entrepreneurs will become less short-term driven and aim high and long. He believes that only the pursuit of long-term profits will convince and enable entrepreneurs to embrace innovation.

As of common readers, Prof. Zhang believes that a serious perusal of the book will lead to fresh understanding of entrepreneurship and the market economy and develop the ability to make more rational critiques on economic policies.

The best way to calmly cope with rapid changes is to grasp the unchanged hidden behind. To Prof. Zhang, entrepreneurship is what creates changes yet remains unchanged itself.