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Entrepreneurs, Professionals, and Growth

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  • Iyigun, Murat F
  • Owen, Ann L

Abstract

We examine the implications for growth and development of the existence of two types of human capital: entrepreneurial and professional. Entrepreneurs accumulate human capital through a work-experience intensive process, whereas professionals' human capital accumulation is education-intensive. Moreover, the return to entrepreneurship is uncertain. We show how skill-biased technological progress leads to changes in the composition of aggregate human capital; as technology improves, individuals devote less time to the accumulation of human capital through work experience and more to the accumulation of human capital through professional training. Thus, our model explains why entrepreneurs play a relatively more important role in intermediate-income countries and professionals are relatively more abundant in richer economies. It also shows that those countries that initially have too little of either entrepreneurial or professional human capital may end up in a development trap. Copyright 1999 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Economic Growth.

Volume (Year): 4 (1999)
Issue (Month): 2 (June)
Pages: 213-32

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Handle: RePEc:kap:jecgro:v:4:y:1999:i:2:p:213-32

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Web page: http://www.springerlink.com/link.asp?id=102931

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  1. Galor, Oded & Weil, David N, 1996. "The Gender Gap, Fertility, and Growth," American Economic Review, American Economic Association, vol. 86(3), pages 374-87, June.
  2. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Dec.
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  10. Fujii, Edwin T. & Hawley, Clifford B., 1991. "Empirical aspects of self-employment," Economics Letters, Elsevier, vol. 36(3), pages 323-329, July.
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Cited by:
  1. Di Maria, Corrado & Lazarova, Emiliya A., 2012. "Migration, Human Capital Formation, and Growth: An Empirical Investigation," World Development, Elsevier, vol. 40(5), pages 938-955.
  2. Congregado, Emilio & Golpe, Antonio A. & Carmona, Mónica, 2010. "Is it a good policy to promote self-employment for job creation? Evidence from Spain," Journal of Policy Modeling, Elsevier, vol. 32(6), pages 828-842, November.
  3. Oded Stark & Roman Zakharenko, 2012. "Differential Migration Prospects, Skill Formation, and Welfare," Review of International Economics, Wiley Blackwell, vol. 20(4), pages 657-673, 09.
  4. Ferrante, Francesco & Sabatini, Fabio, 2007. "Education, social capital and entrepreneurial selection in Italy," MPRA Paper 2451, University Library of Munich, Germany.
  5. Tiago Neves Sequeira, 2003. "Human Capital Composition, Growth and Development in an R&D Endogenous Growth Model," Macroeconomics 0310015, EconWPA.
  6. Garcia-Aracil, Adela & Winter, Carolyn, 2006. "Gender and ethnicity differentials in school attainment and labor market earnings in Ecuador," World Development, Elsevier, vol. 34(2), pages 289-307, February.
  7. Tiago Sequeira, 2007. "Human capital composition, growth and development: an R&D growth model versus data," Empirical Economics, Springer, vol. 32(1), pages 41-65, April.
  8. Gries, Thomas & Naude, Wim, 2008. "Entrepreneurship and Regional Economic Growth: Towards A General Theory of Start-Ups," Working Paper Series RP2008/70, World Institute for Development Economic Research (UNU-WIDER).
  9. Tamvada, Jagannadha Pawan, 2010. "The Dynamics of Self-employment in a Developing Country: Evidence from India," MPRA Paper 20042, University Library of Munich, Germany.
  10. Sequeira, Tiago Neves, 2008. "On the effects of human capital and R&D policies in an endogenous growth model," Economic Modelling, Elsevier, vol. 25(5), pages 968-982, September.
  11. Olsson, Ola & Frey, Bruno S., 2001. "Entrepreneurship As Recombinant Growth," Working Papers in Economics 51, University of Gothenburg, Department of Economics.
  12. Félix Pablo Pindado, 2006. "El Tejido Productivo de las regiones españolas del Objetivo 1: El papel de la Política Regional Comunitaria," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 2, pages 13-47.
  13. Dias, Joilson & McDermott, John, 2006. "Institutions, education, and development: The role of entrepreneurs," Journal of Development Economics, Elsevier, vol. 80(2), pages 299-328, August.
  14. Maria Rosaria Carillo & Vincenzo Lombardo & Alberto Zazzaro, 2013. "Family connections and entrepreneurial human capital: The uncertain destiny of proprietary capitalism," Mo.Fi.R. Working Papers 89, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  15. Takanori Adachi & Takao Asano, 2011. "Entrepreneurial Choice and Knightian Uncertainty with Borrowing Constraints," KIER Working Papers 803, Kyoto University, Institute of Economic Research.

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