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Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

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Abstract

This research suggests that the evolution of entrepreneurial spirit played a signi?cant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and the process of economic development. In mature stages of development, however, risk-averse traits gained an evolutionary advantage, di- minishing the growth potential of advanced economies and contributing to convergence in economic growth across countries.

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File URL: http://www.brown.edu/Departments/Economics/Papers/2011/2011-9_paper.pdf
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Bibliographic Info

Paper provided by Brown University, Department of Economics in its series Working Papers with number 2011-9.

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Date of creation: 2011
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Handle: RePEc:bro:econwp:2011-9

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Postal: Department of Economics, Brown University, Providence, RI 02912

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Keywords: Risk Aversion; Growth; Technological Progress; Evolution; Natural Selection;

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  1. Natural selection and economic growth
    by Jason in Evolving Economics on 2011-06-02 19:02:10
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