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In effect, as for the sources of innovation, Nelson and Winter's formalization is "entrepreneurless."
Even more, their original models are entrepreneurless because entry is not even considered (cf.
, the new endogenous growth theory and evolutionary economics - are entrepreneurless either because the entrepreneur is equated to a homogenous repre- sentative firm (endogenous growth theory) or because human volition and intention are ruled out (evolutionary economics).
However, as noted in the previous sections, entrepreneurship schol- ars have focused more on traits, behaviors, or events that are related to newness rather than size in an attempt both to carve out a distinc- tive domain (Venkataraman, 1997; Low, 2001) and explain one of the most important factors for economic growth not contemplated by the entrepreneurless models of neoclassical economics (Baumol, 1968).
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