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Risk, entrepreneurship and human capital accumulation

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Author Info
Murat F. Iyigun
Ann L. Owen

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Abstract

Entrepreneurial human capital plays a relatively more important role in intermediate income countries, but professional human capital is relatively more abundant in richer economies. Because the return to entrepreneurship is risky, individuals devote less time to the accumulation of entrepreneurial skills and more to the accumulation of professional skills as per capita income grows. Countries that initially have too little of either entrepreneurial or professional skills may end up in a development trap. The steady state may be characterized by either too much or too little education.

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Publisher Info
Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 1997-37.

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Date of creation: 1997
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Handle: RePEc:fip:fedgfe:1997-37

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Keywords: Risk Human capital

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References listed on IDEAS
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.:
  1. Owen, Ann L. & Weil, David N., 1998. "Intergenerational earnings mobility, inequality and growth," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 71-104, February. [Downloadable!] (restricted)
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  2. Mincer, Jacob, 1996. " Economic Development, Growth of Human Capital, and the Dynamics of the Wage Structure," Journal of Economic Growth, Springer, vol. 1(1), pages 29-48, March.
  3. Pritchett, Lant, 1996. "Where has all the education gone?," Policy Research Working Paper Series 1581, The World Bank. [Downloadable!]
  4. Fershtman, Chaim & Murphy, Kevin M & Weiss, Yoram, 1996. "Social Status, Education, and Growth," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 108-32, February. [Downloadable!] (restricted)
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  5. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Ira N. Gang & Catherine Y. Co & Myeong-Su Yun, 1999. "Switching Models with Self-Selection: Self-Employment in Hungary," Departmental Working Papers 199912, Rutgers University, Department of Economics. [Downloadable!]
  2. Sander Wennekers & Andre van Stel & Niels Noorderhaven & Roy Thurik, 2004. "The Role Of Dissatisfaction And Per Capita Income In Explaining Self-Employment Across 15 European Countries," Discussion Papers on Entrepreneurship, Growth and Public Policy 2004-11, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy. [Downloadable!]
    Other versions:
  3. Lazear, Edward P., 2003. "Entrepreneurship," IZA Discussion Papers 760, Institute for the Study of Labor (IZA). [Downloadable!]
  4. Philipp Köllinger & Maria Minniti & Christian Schade, 2005. ""I Think I Can, I Think I Can" : Overconfidence and Entrepreneurial Behavior," Discussion Papers of DIW Berlin 501, DIW Berlin, German Institute for Economic Research. [Downloadable!]
    Other versions:
  5. Sander Wennekers & Roy Thurik & André van Stel & Niels Noorderhaven, 2003. "Uncertainty Avoidance and the Rate of Business Ownership across 22 OECD Countries, 1976-2000," Tinbergen Institute Discussion Papers 03-089/3, Tinbergen Institute, revised 01 Sep 2004. [Downloadable!]
    Other versions:
  6. Clemens, Christiane, 2004. "Entrepreneurship and Growth - An Overlapping Generations Approach -," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover dp-304, Universität Hannover, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
  7. Philipp Köllinger & Maria Minniti & Christian Schade, 2005. "Entrepreneurial Overconfidence : Evidence from a C.A.R.T. Approach," Discussion Papers of DIW Berlin 465, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  8. Chad Moutray, 2008. "Educational Attainment and Other Characteristics of the Self-Employed: An Examination using Data from the Panel Study of Income Dynamics," The Office of Advocacy Small Business Working Papers 07cm, U.S. Small Business Administration, Office of Advocacy. [Downloadable!]
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This page was last updated on 2008-9-26.

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