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Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

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  • Galor, Oded
  • Michalopoulos, Stelios

Abstract

This research suggests that the evolution of entrepreneurial spirit played a significant 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, diminishing the growth potential of advanced economies and contributing to convergence in economic growth across countries.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8377.

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Date of creation: May 2011
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Handle: RePEc:cpr:ceprdp:8377

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

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References

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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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