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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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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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.
AbstractList	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.
Author	Mickiewicz, Tomasz Estrin, Saul Szerb, László Acs, Zoltan J.
Author_xml	– sequence: 1 givenname: Zoltan J. surname: Acs fullname: Acs, Zoltan J. – sequence: 2 givenname: Saul surname: Estrin fullname: Estrin, Saul – sequence: 3 givenname: Tomasz surname: Mickiewicz fullname: Mickiewicz, Tomasz – sequence: 4 givenname: László surname: Szerb fullname: Szerb, László
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SubjectTerms	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
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Title	Entrepreneurship, institutional economics, and economic growth: an ecosystem perspective
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