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Entrepreneurs, Professionals, and Growth

  • Iyigun, Murat F
  • Owen, Ann L

We examine the implications for growth and development of the existence of two types of human capital: entrepreneurial and professional. Entrepreneurs accumulate human capital through a work-experience intensive process, whereas professionals' human capital accumulation is education-intensive. Moreover, the return to entrepreneurship is uncertain. We show how skill-biased technological progress leads to changes in the composition of aggregate human capital; as technology improves, individuals devote less time to the accumulation of human capital through work experience and more to the accumulation of human capital through professional training. Thus, our model explains why entrepreneurs play a relatively more important role in intermediate-income countries and professionals are relatively more abundant in richer economies. It also shows that those countries that initially have too little of either entrepreneurial or professional human capital may end up in a development trap. Copyright 1999 by Kluwer Academic Publishers

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Article provided by Springer in its journal Journal of Economic Growth.

Volume (Year): 4 (1999)
Issue (Month): 2 (June)
Pages: 213-32

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Handle: RePEc:kap:jecgro:v:4:y:1999:i:2:p:213-32
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  1. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue May.
  2. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Sep.
  3. Fujii, Edwin T. & Hawley, Clifford B., 1991. "Empirical aspects of self-employment," Economics Letters, Elsevier, vol. 36(3), pages 323-329, July.
  4. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Aug.
  5. Galor, Oded & Weil, David, 1995. "The Gender Gap, Fertility and Growth," CEPR Discussion Papers 1157, C.E.P.R. Discussion Papers.
  6. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Jan.
  7. Galor, Oded & Tsiddon, Daniel, 1997. "Technological Progress, Mobility, and Economic Growth," American Economic Review, American Economic Association, vol. 87(3), pages 363-82, June.
  8. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Jul.
  9. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Mar.
  10. anonymous, 1996. "Western economic developments," Western economic developments, Federal Reserve Bank of San Francisco, issue Dec.
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