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Billionaires

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  • Tino Sanandaji
  • Peter T. Leeson

Abstract

Existing studies of entrepreneurship focus on entrepreneurs whose individual contribution to wealth creation is typically trivial: self-employed persons. This article investigates entrepreneurs whose individual contribution to wealth creation is enormous: billionaires. We explore the relationship between economic development, institutions, and these contrasting kinds of entrepreneurs. We find that the institutions consistent with self-employed entrepreneurs differ markedly from the ones consistent with billionaires. Further, only the latter are consistent with the institutions that underlie economic prosperity. Where well-protected private property rights and supporting, market-enhancing institutions flourish, so do billionaires. But self-employed entrepreneurs do not. Where private property rights are weakly protected and interventionist institutions flourish, so do self-employed entrepreneurs. But billionaires do not. Copyright 2013 The Author 2013. Published by Oxford University Press on behalf of Associazione ICC., Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Industrial and Corporate Change.

Volume (Year): 22 (2013)
Issue (Month): 1 (February)
Pages: 313-337

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Handle: RePEc:oup:indcch:v:22:y:2013:i:1:p:313-337

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Cited by:
  1. Thomas �stebro & Pontus Braunerhjelm & Anders Broström, 2013. "Does academic entrepreneurship pay?," Industrial and Corporate Change, Oxford University Press, Oxford University Press, vol. 22(1), pages 281-311, February.
  2. Zoltan Acs & Mark Sanders, 2013. "Knowledge spillover entrepreneurship in an endogenous growth model," Small Business Economics, Springer, Springer, vol. 41(4), pages 775-795, December.
  3. Rider, Christopher I. & Thompson, Peter & Kacperczyk, Aleksandra & Tåg, Joacim, 2013. "Experience and Entrepreneurship," Working Paper Series, Research Institute of Industrial Economics 970, Research Institute of Industrial Economics.

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