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

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...

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Bibliographic Details
Published in:Small business economics Vol. 51; no. 2; pp. 501 - 514
Main Authors: Acs, Zoltan J., Estrin, Saul, Mickiewicz, Tomasz, Szerb, László
Format: Journal Article
Language:English
Published: New York Springer 01.08.2018
Springer US
Springer Nature B.V
Subjects:
Business and Management
Economic factors
Economic growth
Economic models
Efficiency
Entrepreneurs
Entrepreneurship
Human agency
Industrial Organization
Institutions
Management
Microeconomics
National systems
Production functions
Resource allocation
Technology
L26
P3
Economic growth
Efficiency
Technology
Entrepreneurship
Ecosystem
Solow residual
GEI
J24
GEM
O33
ISSN:0921-898X, 1573-0913
Online Access:Get full text
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Summary: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.
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ISSN:0921-898X
1573-0913
DOI:10.1007/s11187-018-0013-9