Papers presented by Louis Galambos since 2019

2020 Charlotte, North Carolina

"Entrepreneurs, Teams, and Bureaucracy in Postwar American Business"

Louis Galambos, The Johns Hopkins University


Much of the literature on entrepreneurship stresses the role of the individual who sees and seizes an opportunity for a novel form of combining capital, labor, and natural resources in a profitable way. To some considerable extent, the emphasis is upon startups rather than existing organizations. This paper uses the framework provided by behavioral economics to distinguish between Daniel Kahneman’s System 1 (fast) and System 2 (slow) patterns of thought and action to rethink the entrepreneurial process in the post-WWII U.S. business system. Team-building and the social skills essential to that activity are described as essential aspects of the System 2 capabilities needed to achieve success through innovation in startups and existing firms. The paper discusses specific examples in a social-science oriented startup and in a large, high-tech, science-based, extensively regulated company.