Entrepreneurial economics is the study of the entrepreneur and entrepreneurship within the economy. The accumulation of factors of production per se does not explain economic development. They are necessary inputs in production, but they are not sufficient for economic growth. “The theoretical firm is entrepreneurless – the Prince of Denmark has been expunged from the discussion of Hamlet”. This oft-quoted observation was made by William J. Baumol in the American Economic Review. The article was a prod to the economics profession to attend to this neglected factor.