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Testing Baumol: Institutional Quality and the Productivity of Entrepreneurship

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Author Info
Russell S. Sobel (Department of Economics, West Virginia University)

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Abstract

Baumol’s (1990) theory of productive and unproductive entrepreneurship is a significant recent contribution to the economics of entrepreneurship literature. He hypothesizes that entrepreneurial individuals channel their effort in different directions depending on the quality of prevailing economic, political, and legal institutions. This institutional structure determines the relative reward to investing entrepreneurial energies into productive market activities versus unproductive political and legal activities (e.g., lobbying and lawsuits). Good institutions channel effort into productive entrepreneurship, sustaining higher rates of economic growth. I test and confirm Baumol’s theory, and discuss its significance to the literature and policy reform.

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File URL: http://www.be.wvu.edu/div/econ//work/pdf_files/06-06.pdf
File Format: application/pdf
File Function: First version, April 2006
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Publisher Info
Paper provided by Department of Economics, West Virginia University in its series Working Papers with number 06-06.

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Length: 31 pages
Date of creation: 2006
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Handle: RePEc:wvu:wpaper:06-06

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  1. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March. [Downloadable!] (restricted)
  2. Sobel, Russell S & Garrett, Thomas A, 2002. " On the Measurement of Rent Seeking and Its Social Opportunity Cost," Public Choice, Springer, vol. 112(1-2), pages 115-36, July. [Downloadable!] (restricted)
  3. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October. [Downloadable!] (restricted)
  4. Tomi Ovaska & Russell S. Sobel, 2004. "Entrepreneurship in Post-Socialist Economies," Working Papers 04-06, Department of Economics, West Virginia University. [Downloadable!]
  5. Jason Henderson, 2002. "Building the rural economy with high-growth entrepreneurs," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 45-70. [Downloadable!]
  6. Tollison, Robert D, 1982. "Rent Seeking: A Survey," Kyklos, Blackwell Publishing, vol. 35(4), pages 575-602.
  7. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 127(4), pages 643-, December.
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