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What Is the Value of Entrepreneurship? A Review of Recent Research

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Author Info
C. Mirjam van Praag () (University of Amsterdam, Tinbergen Institute, Max Planck Institute of Economics Jena and IZA)
Peter H. Versloot () (University of Amsterdam and Tinbergen Institute)

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Abstract

This paper examines to what extent recent empirical evidence can collectively and systematically substantiate the claim that entrepreneurship has important economic value. Hence, a systematic review is provided that answers the question: What is the contribution of entrepreneurs to the economy in comparison to non-entrepreneurs? We study the relative contribution of entrepreneurs to the economy based on four measures that have most widely been studied empirically. Hence, we answer the question: What is the contribution of entrepreneurs to (i) employment generation and dynamics, (ii) innovation, and (iii) productivity and growth, relative to the contributions of the entrepreneurs’ counterparts, i.e. the ‘control group’? A fourth type of contribution studied is the role of entrepreneurship in increasing individuals’ utility levels. Based on 57 recent studies of high quality that contain 87 relevant separate analyses, we conclude that entrepreneurs have a very important - but specific - function in the economy. They engender relatively much employment creation, productivity growth and produce and commercialize high quality innovations. They are more satisfied than employees. More importantly, recent studies show that entrepreneurial firms produce important spillovers that affect regional employment growth rates of all companies in the region in the long run. However, the counterparts cannot be missed either as they account for a relatively high value of GDP, a less volatile and more secure labor market, higher paid jobs and a greater number of innovations and they have a more active role in the adoption of innovations.

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Publisher Info
Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3014.

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Length: 43 pages
Date of creation: Aug 2007
Date of revision:
Handle: RePEc:iza:izadps:dp3014

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Related research
Keywords: entrepreneur; entrepreneurship; self-employment; productivity; economic development; growth; employment; innovation; patents; R&D; utility; remuneration; income;

Other versions of this item:

Find related papers by JEL classification:
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
E23 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Production
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups

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Full references

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. Andersson, Martin & Noseleit, Florian, 2008. "Start-Ups and Employment Growth - Evidence from Sweden," Working Paper Series in Economics and Institutions of Innovation 155, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
    Other versions:
  2. Naude, Wim, 2008. "Entrepreneurship in Economic Development," Working Papers RP2008/20, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  3. André van Stel & Roy Thurik & Sander Wennekers & Martin Carree, 2009. "The relationship between entrepreneurship and economic development: is it U-shaped?," Scales Research Reports H200824, EIM Business and Policy Research. [Downloadable!]
  4. David B. Audretsch & Mark Sanders, 2008. "Globalization and the Rise of the Entrepreneurial Economy," Working Papers 08-21, Utrecht School of Economics. [Downloadable!]
  5. Hartog, Joop & van Praag, Mirjam & van der Sluis, Justin, 2008. "If You Are So Smart, Why Aren't You an Entrepreneur? Returns to Cognitive and Social Ability: Entrepreneurs versus Employees," IZA Discussion Papers 3648, Institute for the Study of Labor (IZA). [Downloadable!]
  6. Sherrill Shaffer, 2008. "Financial Performance Of Small Business Loans: Indirect Evidence," CAMA Working Papers 2008-28, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
  7. Grossmann, Volker, 2008. "Entrepreneurial Innovation and Sustained Long-Run Growth without Weak or Strong Scale Effects," IZA Discussion Papers 3389, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  8. Koster, Sierdjan & Karlsson, Charlie, 2009. "New Firm Formation and Economic Development in a Globalizing Economy," Working Paper Series in Economics and Institutions of Innovation 167, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
  9. Joop Hartog & Mirjam van Praag & Justin van der Sluis, 2008. "If you are so smart, why aren’t you an Entrepreneur?," Tinbergen Institute Discussion Papers 08-073/3, Tinbergen Institute. [Downloadable!]
  10. Holger Strulik & Volker Grossmann, 2008. "Should Continued Family Firms Face Lower Taxes than other Estates?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  11. Sherrill Shaffer & Iftekhar Hasan & Mingming Zhou, 2008. "New Small Firms And Dimensions Of Economic Performance," CAMA Working Papers 2008-24, Australian National University, Centre for Applied Macroeconomic Analysis. [Downloadable!]
    Other versions:
  12. Marco Caliendo & Alexander S. Kritikos, 2008. "Start-Ups by the Unemployed: Characteristics, Survival and Direct Employment Effects," Working Papers 008, Hanseatic University, Germany, Department of Economics. [Downloadable!]
    Other versions:
  13. Douhan, Robin & van Praag, Mirjam, 2009. "Entrepreneurship, Wage Employment and Control in an Occupational Choice Framework," IZA Discussion Papers 4211, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  14. Christoph Kneiding & Alexander S. Kritikos, 2008. "Funding Self-Employment – The Role of Consumer Credit," Working Papers 005, Hanseatic University, Germany, Department of Economics. [Downloadable!]
    Other versions:
  15. Nyström, Kristina, 2008. "Is Entrepreneurship the Salvation for Enhanced Economic Growth?," Working Paper Series in Economics and Institutions of Innovation 143, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
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