ECONOMIC PROGRESS AND ENTREPRENEURIAL INNOVATION: CASE STUDIES FROM MEMPHIS

ABSTRACT. Entrepreneurial innovation encourages economic progress, and an institutional climate that encourages risk taking, rewards success, and weeds out failure is essential to a well-functioning economic system. This research explores a cluster of path-breaking entrepreneurial innovations that have common roots in Memphis, Tennessee: Piggly Wiggly’s popularization of self-serve grocery shopping, Holiday Inn’s innovations in standards and quality, Autozone’s adaption of insights from other industries, and FedEx’s creation of a distribution network that has made overnight shipping a reality. pp. 36-48

Keywords: Entrepreneurship, Memphis, error, profit, loss, maladjustment 
JEL Codes: B53, L26, O10