Ph.D.s in entrepreneurship? The idea reminds me of the adage that “Those who can, do; those who can’t, teach.” But Fayetteville State University in North Carolina is contemplating such a program.

It turns out that there is a dearth of people who have a Ph.D. that qualifies them to teach at business schools with entrepreneurship programs. Edward Stringham, a professor at Fayetteville State’s business school and the chief advocate for the program, invited 16 people from around the country to think about how a Ph.D. in entrepreneurship could be structured. They came up with a consensus view that it should be a rigorous program grounded in Austrian economics, one that would address the broader environment in which entrepreneurship thrives or withers. So, while I’m opposed to mindless “bigger and better” growth at taxpayer expense, I see the benefit of bringing in some fresh free-market thinking — especially since private funding could be waiting in the wings.