Assoc. Prof. Dr. Volkan Hacıoğlu
Volkan Hacıoğlu is an economist and economics writer. He is a Doctor of Economics at Istanbul University, Faculty of Economics, Department of Political Economy. He holds BA and MA degrees in economics. He was awarded a Full Scholarship by the State University of New York at Albany, College of Arts and Sciences, for the first year of graduate study. He is also Erasmus Coordinator in English department. His intrerests relate to economic theory, monetary theory and policy, and agent-based behavioral modelling of micro foundations of macroecomics. He lectures on Advanced Macroeconomic Theory and Policy. He is a member of the Society for the Study of Emerging Markets (SSEM).
Supervisors: Emeritus Prof. Dr. Thad W. Mirer, Emeritus Prof. Dr. Necati Mumcu, Prof. Dr. Adrian Masters, and Prof. Dr. Nihal Tuncer Terregrossa
Phone: 0090 212 440 0000 (11719)
Address: Istanbul University, Faculty of Economics, Department of Political Economy, 34452, Central Campus, Beyazit, Istanbul, Turkey
Supervisors: Emeritus Prof. Dr. Thad W. Mirer, Emeritus Prof. Dr. Necati Mumcu, Prof. Dr. Adrian Masters, and Prof. Dr. Nihal Tuncer Terregrossa
Phone: 0090 212 440 0000 (11719)
Address: Istanbul University, Faculty of Economics, Department of Political Economy, 34452, Central Campus, Beyazit, Istanbul, Turkey
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Purpose: The neoclassical growth models design the production function as a black box in which the complex process of production is simplified with factors of capital and labor whilst technology is exogenous. This black box approach to production function disregards the power and effect of innovative entrepreneur as an intangible capital of economic growth. In the relevant literature, researches towards the integration of innovative entrepreneur into the endogenous growth models continue with an increasing effort and interest. In this paper, we try to disentangle the productive forces of entrepreneurship from other factors of production and search the groundwork in a theoretical plan that is necessary for a human capital approach to innovative entrepreneurial activity by analyzing the economic structure of dynamic disequilibrium conditions.
Design/Methodology/Approach: In this article we adopt qualitative research design. Our methodological approach is analytical, theoretical and historical.The function of entrepreneur has been hitherto neglected by neoclassical economics. The production function approach to economic growth and development has no room for entrepreneurial activity. Although it is mentioned theoretically among the factors of production, the entrepreneur is omitted from the formulation of production function. It is just implicitly assumed that entrepreneur has a neutral effect in the context of constant returns to scale framework of neoclassical production function. For this reason, it is also called black-box approach since entrepreneur is completely obscured under highly hypothetical and deterministic axioms. Hence, we trace the disappearance and reappearance of entrepreneur on the economic scene analytically, theoretically and historically.
Findings/Results: The de facto condition of disequilibrium is created by the entrepreneur as opposed to status quo equilibrium state of the economy. The disentanglement of dynamic entrepreneurial functions from other factors of production allows us to integrate it explicitly into the production function as a human factor of production. On the other hand, we also focus on static and dynamic functions of entrepreneur as a human agent of change.
Originality/Value:The reformulation of the production function in order to integrate entrepreneurial functions into the Black Box approach.