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Entrepreneurship, institutional economics, and economic growth: an ecosystem perspective

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  • Acs, Zoltan J.
  • Estrin, Saul
  • Mickiewicz, Tomasz
  • Szerb, László

Abstract

We analyze conceptually and in an empirical counterpart the relationship between economic growth, factor inputs, institutions, and entrepreneurship. In particular, we investigate whether entrepreneurship and institutions, in combination in an ecosystem, can be viewed as a “missing link” in an aggregate production function analysis of cross-country differences in economic growth. To do this, we build on the concept of National Systems of Entrepreneurship (NSE) as resource allocation systems that combine institutions and human agency into an interdependent system of complementarities. We explore the empirical relevance of these ideas using data from a representative global survey and institutional sources for 46 countries over the period 2002–2011. We find support for the role of the entrepreneurial ecosystem in economic growth

Suggested Citation

  • Acs, Zoltan J. & Estrin, Saul & Mickiewicz, Tomasz & Szerb, László, 2018. "Entrepreneurship, institutional economics, and economic growth: an ecosystem perspective," LSE Research Online Documents on Economics 87350, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:87350
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    More about this item

    Keywords

    economic growth; entrepreneurship; ecosystem; efficiency; technology; Solow residual; GEM; GEI;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • P11 - Economic Systems - - Capitalist Systems - - - Planning, Coordination, and Reform

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