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From the entrepreneurial to the ossified economy

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  • Wim Naudé

Abstract

Entrepreneurship in advanced economies is in decline. Instead of becoming ‘entrepreneurial’, as was anticipated in the 1990s, today, these economies are better described as ossified. This paper starts by documenting the decline in entrepreneurship. It then critically discusses extant explanations for the decline. While having merit, these explanations are restricted to proximate and supply-side causes. Given these shortcomings, an additional perspective is contributed: it is argued that adverse scale effects from rising complexity, and long-run aggregate demand changes, account for the ossification of advanced economies. Implications for entrepreneurship scholarship are drawn.

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  • Wim Naudé, 2022. "From the entrepreneurial to the ossified economy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(1), pages 105-131.
    • Handle: RePEc:oup:cambje:v:46:y:2022:i:1:p:105-131.
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    5. Christian Reiner & Christian Bellak, 2023. "Hat die ökonomische Macht von Unternehmen in Österreich zugenommen? Teil 2," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 49(2), pages 17-76.
    6. Naudé, Wim, 2023. "Destructive Digital Entrepreneurship," IZA Discussion Papers 16483, Institute of Labor Economics (IZA).
    7. Naudé, Wim, 2023. "Melancholy Hues: The Futility of Green Growth and Degrowth, and the Inevitability of Societal Collapse," IZA Discussion Papers 16139, Institute of Labor Economics (IZA).
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