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Sources of Growth: the Entrepreneurial versus the Managed Economy

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  • Audretsch, David B
  • Thurik, A R Roy

Abstract

The purpose of this paper is to suggest that a fundamental shift in Europe, along with the other OECD countries, is taking place. This shift is from the managed economy to the entrepreneurial economy. While politicians and policy-makers have made a plea for guidance in the era of entrepreneurship, scholars have been slow to respond. The purpose of this paper is to make a first step identifying and articulating these differences. It does this by contrasting the most fundamental elements of the newly-emerging entrepreneurial economy with those of the managed economy. We identify fifteen trade-offs confronting these two polar words. The common thread throughout these trade-offs is the increased role of new and small enterprises in the entrepreneurial economy. A particular emphasis is placed on changes in economic policy demanded by the entrepreneurial economy vis-à-vis the managed economy. We then explore whether restructuring towards the entrepreneurial economy has been conducive to economic growth and job creation. Our empirical analysis links the stage of the transition towards an entrepreneurial economy to the growth rates of European countries over a recent period. We find that those countries that have introduced a greater element of entrepreneurship have been rewarded with additional growth.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1710.

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Date of creation: Oct 1997
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Handle: RePEc:cpr:ceprdp:1710

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Related research

Keywords: Entrepreneurship; Europe; Government Policy; Growth; Industrial Structure;

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Cited by:
  1. Verheul, I. & Thurik, A.R., 2000. "Start-Up Capital," ERIM Report Series Research in Management ERS-2000-07-STR, 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.
  2. Marco van Gelderen & Roy Thurik & Micheal Frese, 2000. "Strategies, uncertainty and performance of small business startups," Scales Research Reports H200001, EIM Business and Policy Research.

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