AbstractExisting 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Oxford University Press in its journal Industrial and Corporate Change.
Volume (Year): 22 (2013)
Issue (Month): 1 (February)
Contact details of provider:
Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Fax: 01865 267 985
Web page: http://icc.oupjournals.org/
Other versions of this item:
- H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
- L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
- L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
- O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Anna L. Paulson & Robert M. Townsend & Alexander Karaivanov, 2006. "Distinguishing Limited Liability from Moral Hazard in a Model of Entrepreneurship," Journal of Political Economy, University of Chicago Press, vol. 114(1), pages 100-144, February.
- Henrekson, Magnus & Sanandaji, Tino, 2008.
"Entrepreneurship and the Theory of Taxation,"
Working Paper Series
732, Research Institute of Industrial Economics, revised 19 Aug 2009.
- Harry P Bowen & Dirk De Clercq, 2008.
"Institutional context and the allocation of entrepreneurial effort,"
Journal of International Business Studies,
Palgrave Macmillan, vol. 39(4), pages 768-768, June.
- Harry P Bowen & Dirk De Clercq, 2008. "Institutional context and the allocation of entrepreneurial effort," Journal of International Business Studies, Palgrave Macmillan, vol. 39(4), pages 747-767, June.
- Harry Bowen & Dirk DeClercq, 2008. "Institutional context and the allocation of entrepreneurial effort," Global Entrepreneurship Monitor Working Paper Series 1103, Global Entrepreneurship Research Association, revised Jul 2008.
- Yuen-Ping Ho & Poh-Kam Wong, 2007. "Financing, Regulatory Costs and Entrepreneurial Propensity," Small Business Economics, Springer, vol. 28(2), pages 187-204, March.
- André van Stel & Roy Thurik & Sander Wennekers & Martin Carree, 2010.
"The relationship between entrepreneurship and economic development: is it U-shaped?,"
Scales Research Reports
H200824, EIM Business and Policy Research.
- Wennekers, Sander & van Stel, Andr� & Carree, Martin & Thurik, Roy, 2010. "The Relationship between Entrepreneurship and Economic Development: Is It U-Shaped?," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 6(3), pages 167-237, July.
- Marco Cagetti & Mariacristina De Nardi, 2006.
"Taxation, entrepreneurship, and wealth,"
Working Paper Series
WP-06-07, Federal Reserve Bank of Chicago.
- Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
- André van Stel & Roy Thurik & David Storey, 2006.
"The effect of business regulations on nascent and young business entrepreneurship,"
Scales Research Reports
H200609, EIM Business and Policy Research.
- André Stel & David Storey & A. Thurik, 2007. "The Effect of Business Regulations on Nascent and Young Business Entrepreneurship," Small Business Economics, Springer, vol. 28(2), pages 171-186, March.
- van Stel, A.J. & Storey, D. & Thurik, A.R., 2006. "The Effect of Business Regulations on Nascent and Young Business Entrepreneurship," ERIM Report Series Research in Management ERS-2006-052-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
- Estrin, Saul & Korosteleva, Julia & Mickiewicz, Tomasz, 2009. "Better Means More: Property Rights and High-Growth Aspiration Entrepreneurship," IZA Discussion Papers 4396, Institute for the Study of Labor (IZA).
- Christopher J. Coyne & Peter T. Leeson, 2004. "The Plight of Underdeveloped Countries," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 235-249, Fall.
- Douhan, Robin & Henrekson, Magnus, 2008.
"Entrepreneurship and Second-best Institutions: Going Beyond Baumol’s Typology,"
Working Paper Series
766, Research Institute of Industrial Economics, revised 27 Aug 2009.
- Robin Douhan & Magnus Henrekson, 2010. "Entrepreneurship and second-best institutions: going beyond Baumol’s typology," Journal of Evolutionary Economics, Springer, vol. 20(4), pages 629-643, August.
- Blanchflower, D.G. & Oswald, A., 1991.
"What Makes an Entrepreneur?,"
Economics Series Working Papers
99125, University of Oxford, Department of Economics.
- Peter T. Leeson, 2008. "Escaping Poverty: Foreign Aid, Private Property, and Economic Development," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 23(Spring 20), pages 39-64.
- Simeon Djankov & Yingyi Qian & Gerard Roland & Ekaterina Zhuravskaya, 2005.
"Who Are China’s Entrepreneurs?,"
w0047, Center for Economic and Financial Research (CEFIR).
- Paul Reynolds & Niels Bosma & Erkko Autio & Steve Hunt & Natalie De Bono & Isabel Servais & Paloma Lopez-Garcia & Nancy Chin, 2005. "Global Entrepreneurship Monitor: Data Collection Design and Implementation 1998–2003," Small Business Economics, Springer, vol. 24(3), pages 205-231, 02.
- William M. Gentry & R. Glenn Hubbard, 2000. "Entrepreneurship and Household Saving," NBER Working Papers 7894, National Bureau of Economic Research, Inc.
- Marianne P. Bitler & Tobias J. Moskowitz & Annette Vissing-Jørgensen, 2005. "Testing Agency Theory with Entrepreneur Effort and Wealth," Journal of Finance, American Finance Association, vol. 60(2), pages 539-576, 04.
- Aidis, Ruta & Estrin, Saul & Mickiewicz, Tomasz, 2009.
"Entrepreneurial Entry: Which Institutions Matter?,"
IZA Discussion Papers
4123, Institute for the Study of Labor (IZA).
- Fonseca, Raquel & Lopez-Garcia, Paloma & Pissarides, Christopher A., 2001. "Entrepreneurship, start-up costs and employment," European Economic Review, Elsevier, vol. 45(4-6), pages 692-705, May.
- Braunerhjelm, Pontus & Broström, Anders & Åstebro, Thomas, 2012.
"Does Academic Entrepreneurship Pay?,"
Working Paper Series in Economics and Institutions of Innovation
289, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
- Braunerhjelm, Pontus & Broström, Anders & Åstebro, Thomas, 2012. "Does Academic Entrepreneurship Pay?," Working Papers 2012:20, Swedish Entrepreneurship Forum.
- Astebro , Thomas B. & Braunerhjelm, Pontus & Broström , Anders, 2012. "Does Academic Entrepreneurship Pay?," Les Cahiers de Recherche 970, HEC Paris.
- Rider, Christopher I. & Thompson, Peter & Kacperczyk, Aleksandra & Tåg, Joacim, 2013. "Experience and Entrepreneurship," Working Paper Series 970, Research Institute of Industrial Economics.
- Zoltan Acs & Mark Sanders, 2013. "Knowledge spillover entrepreneurship in an endogenous growth model," Small Business Economics, Springer, vol. 41(4), pages 775-795, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.