Entrepreneurship in Economic System

I have read those two articles and two articles are talking about the Entrepreneurship in Economic System in different ways from different point of views. The first article I read is “Side Effects of Progress” written by William Baumol and Edward Wolff. In this paper, they state that an increase in the pace of technological change can increase the rate and the average duration of unemployment.They think that the technological change has the side effects of Unemployment and we need to face it as a serious problem and do something to help the situation. The first things we need to notice is The Natural Rate of Unemployment. The writers think that the technological change would cause plants close for innovating more frequently, then the consequences of that would increase the portion of the labor force that is unemployed in any period.  Secondly they insist that increased rapidity of technical change can add to the average duration of unemployment. They use an example to compare the cost of skilled works and unskilled workers. Then they reach out the point that with the technical change, unskilled and old workers are more likely to lose the job and will find it difficult to find a job again. In the rest of the paper, they use data and examples to make their points solid and also talk about the consequences and solutions. The second article I read is “Dynamic Capitalism” written by Edmund Phelps. In the article, Phelps separates the West into two parts, the first part is US, UK and Canada which is Capitalism and the second part is Western Continental Europe. He claims that Capitalism isdynamic for economy and innovation, it can lead to higher productivity and pulling up wage rate. What’s more is that, he thinks that the innovation leads to technological change and tends to devote more resources to invest of all kinds. The increase of employee-engagement serves will reduce the natural rate of unemployment.  However, on the other hand, the Continental System is lack of...