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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)
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
Date of revision:
Handle: RePEc:wvu:wpaper:06-06

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  1. Russell Sobel & J. Clark & Dwight Lee, 2007. "Freedom, barriers to entry, entrepreneurship, and economic progress," The Review of Austrian Economics, Springer, vol. 20(4), pages 221-236, December. [Downloadable!] (restricted)
  2. Djula Borozan, 2009. "Enhancing Regional Competitiveness Through the Entrepreneurship Development," Interdisciplinary Management Research, Faculty of Economics in Osijek, Croatia, vol. 5, pages 731-747. [Downloadable!]
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This page was last updated on 2009-11-20.

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