] or ▁his ▁persistent ▁effort ▁to ▁give ▁the ▁entrepr ene ur ▁a ▁key ▁role ▁in ▁main stream ▁economic ▁theory , ▁for ▁his ▁theoretical ▁and ▁empir ical ▁studies ▁of ▁the ▁nature ▁of ▁entrepr ene ur ship , ▁and ▁for ▁his ▁analysis ▁of ▁the ▁importance ▁of ▁institutions ▁and ▁in cent ives ▁for ▁the ▁allocation ▁of ▁entrepr ene ur ship ." ▁ ▁The ▁British ▁news ▁magazine , ▁The ▁Econom ist ▁published ▁an ▁article ▁about ▁William ▁Ba um ol ▁and ▁his ▁lif el ong ▁work ▁to ▁develop ▁a ▁place ▁in ▁economic ▁theory ▁for ▁the ▁entrepr ene ur ▁( M arch ▁ 1 1 , ▁ 2 0 0 6 , ▁pp ▁ 6 8 ), ▁much ▁of ▁which ▁ow es ▁its ▁gen esis ▁to ▁Joseph ▁Sch ump eter . ▁They ▁note ▁that ▁traditional ▁micro e conom ic ▁theory ▁normally ▁holds ▁a ▁place ▁for ▁' pr ices ' ▁and ▁' fir ms ' ▁but ▁not ▁for ▁that ▁( se em ingly ) ▁important ▁engine ▁of ▁innov ation , ▁the ▁entrepr ene ur . ▁Ba um ol ▁is ▁given ▁credit ▁for ▁helping ▁to ▁rem edy ▁this ▁short coming : ▁" Thanks ▁to ▁Mr . ▁Ba um ol ' s ▁own ▁pain st aking ▁efforts , ▁econom ists ▁now ▁have ▁a ▁bit ▁more ▁room ▁for ▁entrepr ene urs ▁in ▁their ▁theories ." ▁ ▁William ▁Ba um ol ' s ▁book , ▁The ▁Micro theory ▁of ▁In nov ative ▁Entre pr ene ur ship ▁is ▁the ▁first ▁formal ▁theoretical ▁analysis ▁of ▁the ▁role ▁of ▁innov ative ▁entrepr ene urs . ▁