Abstract
I develop a new and original theoretical concept of productive and destructive institutional entrepreneurship that explains institutional change as being the result of entrepreneurial decision-making. I argue that William Baumol’s (1990) classification of productive, unproductive, and destructive entrepreneurship can be transformed into the more general theoretical concept of the productive and destructive institutional entrepreneurship. More precisely, I argue that William Baumol’s theoretical explanation of destructive entrepreneurship in essence describes a destructive institutional change, which is the result of destructive entrepreneurial decision-making. Therefore, I argue that productive institutional change can be explained on a similar basis within the context of a more general theoretical framework.
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