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Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

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  • Galor, Oded

    ()
    (Brown University)

  • Michalopoulos, Stelios

    ()
    (Brown University)

Abstract

This research suggests that a Darwinian 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 Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6327.

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Length: 31 pages
Date of creation: Jan 2012
Date of revision:
Handle: RePEc:iza:izadps:dp6327

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Keywords: risk aversion; growth; technological progress; evolution; natural selection;

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References

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  1. Matthias Doepke & Fabrizio Zilibotti, 2007. "Occupational Choice and the Spirit of Capitalism," SFB 649 Discussion Papers SFB649DP2007-049, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  2. White, Roderick E. & Thornhill, Stewart & Hampson, Elizabeth, 2006. "Entrepreneurs and evolutionary biology: The relationship between testosterone and new venture creation," Organizational Behavior and Human Decision Processes, Elsevier, vol. 100(1), pages 21-34, May.
  3. David N. Weil & Oded Galor, 1999. "From Malthusian Stagnation to Modern Growth," American Economic Review, American Economic Association, vol. 89(2), pages 150-154, May.
  4. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472 Elsevier.
  5. Gary D. Hansen & Edward C. Prescott, 2002. "Malthus to Solow," American Economic Review, American Economic Association, vol. 92(4), pages 1205-1217, September.
  6. Oded Galor & Omer Moav, 2007. "The Neolithic Revolution and Contemporary Variations in Life Expectancy," Working Papers 2007-14, Brown University, Department of Economics.
  7. Bisin, A. & Verdier, T., 1999. "Beyond the Melting Pot : Cultural Transmission, Marriage, and the Evolution of Ethnic and Religious Traits," DELTA Working Papers 1999-10, DELTA (Ecole normale supérieure).
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  17. David N. Weil & Oded Galor, 2000. "Population, Technology, and Growth: From Malthusian Stagnation to the Demographic Transition and Beyond," American Economic Review, American Economic Association, vol. 90(4), pages 806-828, September.
  18. Bertocchi, Graziella, 2003. "The Law of Primogeniture and the Transition from Landed Aristocracy to Industrial Democracy," CEPR Discussion Papers 3723, C.E.P.R. Discussion Papers.
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  21. Hans-Peter Kohler & Joseph L. Rodgers & Kaare Christensen, 1999. "Is Fertility Behavior in Our Genes? Findings from a Danish Twin Study," Population and Development Review, The Population Council, Inc., vol. 25(2), pages 253-288.
  22. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth Through Creative Destruction," Scholarly Articles 12490578, Harvard University Department of Economics.
  23. Lagerl F, Nils-Petter, 2007. "Long-Run Trends In Human Body Mass," Macroeconomic Dynamics, Cambridge University Press, vol. 11(03), pages 367-387, June.
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  27. Borghans,J.A.M. & Borghans,Lex & Weel,Bas,ter, 2005. "Is There a Link between Economic Outcomes and Genetic Evolution? Cross-Country Evidence from the Major Histocompatibility Complex," Research Memorandum 029, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
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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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