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reached the market. Six of these earned returns above 1400 percent while 45 others lost money. (All of the
non-commercial inventions lost money for the inventors as well.).
William Baumol, famed economist of both Princeton and New York Universities, believes that people who
take risks like this must have a touch of madness. Baumol has spent decades trying to integrate the
entrepreneur into a theory of rational economics, but madness and rationality are incompatible so far.
Entrepreneurship is economics with imagination.