Weiying Zhang is Boya Chair Professor of Economics at the National School of Development, Peking University. The recipient of several prestigious awards, he is widely regarded as the leading advocate of the free market in China as well as an authority on the theory of the firm and ownership reform. Weiying has studied entrepreneurship for four decades and, through numerous articles, papers and books, has almost single-handedly changed the public image of entrepreneurs in China.

• Preface; Part I. The Nature of Knowledge and Entrepreneurship: 1. Soft knowledge and entrepreneurship; 2. Understanding entrepreneurial decisions; 3. Big data cannot replace entrepreneurs; 4. Prejudice and hostility towards entrepreneurs; Part II. Entrepreneurs in Market Theories: 5. The two paradigms of the market; 6. What is a good market theory?; 7. Entrepreneurship is the best anti-monopoly law; 8. Entrepreneurial profit and common prosperity; Part III. Uncertainty of Innovation and Industrial Policy: 9. Entrepreneurs in economic growth: arbitrage and innovation; 10. The uncertainty of innovation; 11. The airship and airplane duel; 12. Entrepreneurship and industrial policy; Part IV. Institutional Ecology of Entrepreneurship: 13. What determines the allocation of entrepreneurial talents?; 14. Entrepreneurs and capitalists; 15. Protection of rights versus protection of interests; 16. Challenges for entrepreneurs from conflicting values; Appendix A: My journey studying entrepreneurs; Appendix B: How I came to know the Austrian School of Economics; References; Index.

'Combining vivid real-life examples with sound logic, this book illustrates how the neoclassical theory of economics overlooks the main driving force of economic development - entrepreneurship. This book reflects Professor Zhang's deep and critical thinking about China's economic miracle in the past forty years, highlighting the importance of the agency and creativity of individual entrepreneurs in the face of numerous political, legal, and institutional ambiguities and barriers.' Xiao-Ping Chen, Philip M. Condit Endowed Chair Professor in Business Administration, Michael G. Foster School of Business, University of Washington

Weiying Zhang is Boya Chair Professor of Economics at the National School of Development, Peking University. The recipient of several prestigious awards, he is widely regarded as the leading advocate of the free market in China as well as an authority on the theory of the firm and ownership reform. Weiying has studied entrepreneurship for four decades and, through numerous articles, papers and books, has almost single-handedly changed the public image of entrepreneurs in China.

• Preface; Part I. The Nature of Knowledge and Entrepreneurship: 1. Soft knowledge and entrepreneurship; 2. Understanding entrepreneurial decisions; 3. Big data cannot replace entrepreneurs; 4. Prejudice and hostility towards entrepreneurs; Part II. Entrepreneurs in Market Theories: 5. The two paradigms of the market; 6. What is a good market theory?; 7. Entrepreneurship is the best anti-monopoly law; 8. Entrepreneurial profit and common prosperity; Part III. Uncertainty of Innovation and Industrial Policy: 9. Entrepreneurs in economic growth: arbitrage and innovation; 10. The uncertainty of innovation; 11. The airship and airplane duel; 12. Entrepreneurship and industrial policy; Part IV. Institutional Ecology of Entrepreneurship: 13. What determines the allocation of entrepreneurial talents?; 14. Entrepreneurs and capitalists; 15. Protection of rights versus protection of interests; 16. Challenges for entrepreneurs from conflicting values; Appendix A: My journey studying entrepreneurs; Appendix B: How I came to know the Austrian School of Economics; References; Index.

'Combining vivid real-life examples with sound logic, this book illustrates how the neoclassical theory of economics overlooks the main driving force of economic development - entrepreneurship. This book reflects Professor Zhang's deep and critical thinking about China's economic miracle in the past forty years, highlighting the importance of the agency and creativity of individual entrepreneurs in the face of numerous political, legal, and institutional ambiguities and barriers.' Xiao-Ping Chen, Philip M. Condit Endowed Chair Professor in Business Administration, Michael G. Foster School of Business, University of Washington

Weiying Zhang is Boya Chair Professor of Economics at the National School of Development, Peking University. The recipient of several prestigious awards, he is widely regarded as the leading advocate of the free market in China as well as an authority on the theory of the firm and ownership reform. Weiying has studied entrepreneurship for four decades and, through numerous articles, papers and books, has almost single-handedly changed the public image of entrepreneurs in China.

• Preface; Part I. The Nature of Knowledge and Entrepreneurship: 1. Soft knowledge and entrepreneurship; 2. Understanding entrepreneurial decisions; 3. Big data cannot replace entrepreneurs; 4. Prejudice and hostility towards entrepreneurs; Part II. Entrepreneurs in Market Theories: 5. The two paradigms of the market; 6. What is a good market theory?; 7. Entrepreneurship is the best anti-monopoly law; 8. Entrepreneurial profit and common prosperity; Part III. Uncertainty of Innovation and Industrial Policy: 9. Entrepreneurs in economic growth: arbitrage and innovation; 10. The uncertainty of innovation; 11. The airship and airplane duel; 12. Entrepreneurship and industrial policy; Part IV. Institutional Ecology of Entrepreneurship: 13. What determines the allocation of entrepreneurial talents?; 14. Entrepreneurs and capitalists; 15. Protection of rights versus protection of interests; 16. Challenges for entrepreneurs from conflicting values; Appendix A: My journey studying entrepreneurs; Appendix B: How I came to know the Austrian School of Economics; References; Index.

'Combining vivid real-life examples with sound logic, this book illustrates how the neoclassical theory of economics overlooks the main driving force of economic development - entrepreneurship. This book reflects Professor Zhang's deep and critical thinking about China's economic miracle in the past forty years, highlighting the importance of the agency and creativity of individual entrepreneurs in the face of numerous political, legal, and institutional ambiguities and barriers.' Xiao-Ping Chen, Philip M. Condit Endowed Chair Professor in Business Administration, Michael G. Foster School of Business, University of Washington