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<p>The relationship between the institutional setting and entrepreneurs/entrepreneurship is complex and bidirectional. However, the literature generally assumes that entrepreneurship takes place within the constraints of institutions but does not generate them. We produce a theoretical argument for entrepreneurial generation of new institutions, which we call private institutions, that facilitate economic action through exchange platform innovation, the private provision of institutions that create two-sided markets for other entrepreneurs. We present a historical overview of this phenomenon and also explain how such platforms can be feasible based on a novel temporal analysis of transaction costs. Our findings suggest that entrepreneurship theory should have greater explanatory power for economic development than previously recognized.</p>

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The entrepreneurial creation of private institutions: exchange platform innovations and economic development

  • 期刊论文

  • 发表日期：

    2025年12月1日

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  • Per L. Bylund,
  • Mark D. Packard

摘要

The relationship between the institutional setting and entrepreneurs/entrepreneurship is complex and bidirectional. However, the literature generally assumes that entrepreneurship takes place within the constraints of institutions but does not generate them. We produce a theoretical argument for entrepreneurial generation of new institutions, which we call private institutions, that facilitate economic action through exchange platform innovation, the private provision of institutions that create two-sided markets for other entrepreneurs. We present a historical overview of this phenomenon and also explain how such platforms can be feasible based on a novel temporal analysis of transaction costs. Our findings suggest that entrepreneurship theory should have greater explanatory power for economic development than previously recognized.