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Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

Listed author(s):
  • Galor, Oded

    ()

    (Brown University)

  • Michalopoulos, Stelios

    ()

    (Brown University)

This research suggests that a Darwinian evolution of entrepreneurial spirit played a significant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and the process of economic development. In mature stages of development, however, risk-averse traits gained an evolutionary advantage, diminishing the growth potential of advanced economies and contributing to convergence in economic growth across countries.

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File URL: http://ftp.iza.org/dp6327.pdf
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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6327.

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Length: 31 pages
Date of creation: Jan 2012
Publication status: published in: Journal of Economic Theory, 2012, 147(2), 759-780
Handle: RePEc:iza:izadps:dp6327
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