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In this study we focus on how conditions of uncertainty shape the entrepreneurial action that underlies opportunity creation. We utilize the basic structure of economic exchange in the context of opportunity creation theory to further investigate the conditions under which an entrepreneur might be expected to act to bring an opportunity into existence. Specifically, we suggest that uncertainty, that is manifest as relational uncertainty and resource uncertainty, shapes the entrepreneurial actions that underlie the creation of opportunities. In a laboratory experiment we test this hypothesis by observing 56 three-person groups engaged in an opportunity creation-focused exchange task. The results of the experiment support the hypothesis that variability in the conditions of uncertainty (relational uncertainty and resource uncertainty) affects the entrepreneurial action that results in opportunity creation. These results lead us then to propose that there exists a theoretically specifiable set of key entrepreneurial actions (one that is others-focused and another that is works-focused). From this analysis we suggest potential directions for future research in the areas of entrepreneurial action and opportunity creation.

In this chapter, the historical and theoretical evolution of the policy framework in Europe is presented. It begins from the early steps guided by the general principles of the Keynesian theory in open economies, goes through its revision after the 1970s and the fall of the Bretton Woods agreements, the creation of the European monetary system, and ends with a presentation of the theoretical underpinning that brought to the model on which the European monetary union was built on. The evolution of the economic theory is pieced together, in the light of the main historical and political facts that occurred. A first insight about the flaws of the Eurozone policy framework is provided.

This chapter examines three kinds of relational bonds (trust-based commitments, forbearance-based commitments, and apprehension-based commitments) on which parties rely in the processes employed in negotiating, committing, and executing their cooperative inter-organizational relationships (CIORs). It also considers three different societal contexts with strong, moderately strong, and weak exogenous governance safeguards in which these relational bonds are employed. The authors propose a process theory of relational bonds that fit different contexts. Specifically, our central proposition is that parties to CIORs are more likely to achieve their goals when they rely on relational bonds that fit their societal contexts in which they engage in economic exchanges.

Using a framework based on dimensions of economic theory and behavioral sciences for understanding and mass market versus individual customers as the unit of analysis, this article looks at the development of marketing theory primarily during the last century. It looks at the common goal of understanding markets and their functioning as well as the differences in attaining this goal imposed by the very nature of the economic of behavioral foundations brought to bear on the problem. The paper concludes with the observation that, while we have come a long way toward reaching the goal, we have a long way to go to complete the journey.

In the context of Saudi Arabia, this chapter investigates how clustering promotes knowledge sharing and transfer in an emerging, government-directed industry cluster. It is determined that lateral actors play a key facilitating role, and formal and informal mechanisms and interpersonal links among actors support that cluster knowledge exchange. Limited social capital strength and depth and a lack of trust that prevents knowledge sharing are partially explained by the cluster's limited vertical and horizontal actors.

The chapter analyzes François Perroux’s institutional and intellectual activities under the Vichy regime (1940–1944) mainly by drawing on archival insights from Perroux’s papers. The authors argue that Perroux used his strategic position as general secretary of the Carrel Foundation (created by Marshal Pétain) to reshape French economics along a twofold trend: unifying economics with other social sciences, on the one hand; and developing its most analytical aspects, on the other hand. Thus, Perroux seized the opportunity to push for the introduction and dissemination of foreign theoretical studies within French economics, quite counter-intuitively to the expected nationalistic fallback accompanying authoritarian rule. In the end, the Vichy regime proved a suitable vehicle for the advancement of Perroux’s ideas and career: he managed in fact to make the best of a highly uncertain situation in 1940 and especially in 1944, with the impending Liberation of France. The authors show that Perroux used different strategies to neutralize those aspects of his work associated to Vichy’s ideology.

Tourism and community development are two complementary variables. There are many studies in the literature examining the effects of tourism on society. However, the number of studies focussing on the subject from the perspective of overtourism is still very limited. Although a shrinking in tourism demand is estimated for the next few years due to Covid-19, it is expected that the sector will face an even more intense tourist boom around the world after this health crisis. Therefore, the phenomenon of overtourism remains important. In this context, a conceptual examination was made in the current chapter regarding the observed and possible effects of tourism density on communities. The existing literature clearly shows that being successful in the long term is impossible with a tourism plan that uses natural resources, infrastructure facilities and traditional values of the region to create tourist demand but ignores the wishes and well-being of the community residents.

Prior to the first session I was asked about my view of rent seeking, mentioned in passing in the document of mine distributed earlier. I replied that my view had three parts. First, I agreed that rent seeking, however defined, was ubiquitous. Second, I argued that rent seeking is not bad per se. Third, I argued that I found particularly disgraceful treatments of the allocation of resources to efforts to change the law as bad rent seeking. Both this person and Jim Buchanan (later in the conference) insisted that rent seeking was objectionable when it involved a transfer without a gain in efficiency, i.e. the creation of something productive. I responded that this view substituted the analyst’s definition of productive for that of the economic agent – who obviously believed that hiring a lawyer, etc. to help bring about a potential change in the law was a desirable, hence productive, use of his or her resources. I further insisted that this definition, especially when it was used in a blanket, indiscriminate way, functioned to privilege existing law and those benefiting from existing law and to deny people access to their government, and that it did so by manipulating the definition of rent seeking to give effect to selective antecedent normative premises hidden within the use of the term “productive” (in at least one discussion the term “artificial” was used). I pointed to this as a problem in the use of language. Further aspects of the terminology of rent seeking will be dealt with below.

The trajectory of François Perroux across the Vichy regime poses about all possible range of methodological issues to the historian of ideas: individual versus collective biography, ideational versus ideological reading, internal versus external analysis, etc. The chapter outlines key elements about Perroux’s trajectory showing the entanglements and boundaries of science and politics in the transition from democratic to authoritarian rule and vice versa. A particular emphasis on uncertainties and adjustments shows, against the tendency to a teleological explanation induced by a linear interpretation of his career, that different paths were considered by Perroux, but that his choices were nevertheless constrained by the forces of both the scientific and political fields.