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A Golden Opportunity: The Gold Rush, Entrepreneurship and Culture

Author

Listed:
  • Stuetzer, Michael

    (Technische Universität Ilmenau)

  • Brodeur, Abel

    (University of Ottawa)

  • Obschonka, Martin

    (Queensland University of Technology)

  • Audretsch, David

    (Indiana University)

  • Rentfrow, Peter J.

    (University of Cambridge)

  • Potter, Jeff

    (Atof Inc., Cambridge)

  • Gosling, Samuel D.

    (University of Texas at Austin)

Abstract

We study the origins of entrepreneurship (culture) in the United States. For the analysis we make use of a quasi-natural experiment – the gold rush in the second part of the 19th century. We argue that the presence of gold attracted individuals with entrepreneurial personality traits. Due to a genetic founder effect and the formation of an entrepreneurship culture, we expect gold rush counties to have higher entrepreneurship rates. The analysis shows that gold rush counties indeed have higher entrepreneurship rates from 1910, when records began, until the present as well as a higher prevalence of entrepreneurial traits in the populace.

Suggested Citation

  • Stuetzer, Michael & Brodeur, Abel & Obschonka, Martin & Audretsch, David & Rentfrow, Peter J. & Potter, Jeff & Gosling, Samuel D., 2021. "A Golden Opportunity: The Gold Rush, Entrepreneurship and Culture," IZA Discussion Papers 14894, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp14894
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    More about this item

    Keywords

    gold rush; entrepreneurship; culture;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries
    • N9 - Economic History - - Regional and Urban History

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