The last 50 years in growth theory and the next 10

Solow, Robert M.

doi:10.1093/oxrep/grm004

Cited by 111 publications

(30 citation statements)

References 15 publications

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“…In research conducted in the late 1980s, Lucas (1988) and Romer (1986) add new elements to the traditional factors explicitly explaining economic growth. Since then, many articles have contributed to a large literature linking the traditional factors of production, capital and labor to economic growth (Solow, 2007). For instance, North (1990) suggests that institutions (e.g.…”

Section: Introductionmentioning

confidence: 99%

Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence

Aparicio

Urbano

Audretsch

2016

Technological Forecasting and Social Change

417

364

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Use policyThe full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. Abstract: This paper explores the institutional factors that encourage opportunity entrepreneurship in order to achieve higher rates of economic growth. We suggest that institutions may not have an automatic effect, as is typically assumed in models of endogenous growth. Rather, a mechanism is required to serve as a conduit into the society for those institutional factors that affect productive behavior such as entrepreneurial activity. Thus, opportunity entrepreneurship is identified as one such mechanism that impacts on economic growth. Using a three-stage least-square method through unbalanced panel data with 43 countries (2004-2012), we find that informal institutions have a higher impact on opportunity entrepreneurship than formal institutions. Variables such as control of corruption, confidence in one's skills and private coverage to obtain credit promote a positive effect of opportunity entrepreneurship on economic growth in all the countries of our sample, and especially in Latin American countries as a homogeneous group. These results suggest additional elements to the theoretical discussion in terms of the importance of institutions such framework to understand determinants and effects of opportunity entrepreneurship. Regarding 2 policy implications, the results also suggest that it could be possible to obtain economic growth encouraging the appropriate institutions in order to increase the entrepreneurship by opportunity.

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Section: Introductionmentioning

confidence: 99%

Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence

Aparicio

Urbano

Audretsch

2016

Technological Forecasting and Social Change

417

364

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“…Using these theories, Audretsch (2007) and Audretsch and Keilbach (2004a,b, 2005, 2008 included one set of forces that drives economic growth (Solow 2007). They developed the entrepreneurship capital concept, which includes the social factors in a production function.…”

Section: Introductionmentioning

confidence: 99%

Entrepreneurship capital types and economic growth: International evidence

Urbano

Aparicio

2016

Technological Forecasting and Social Change

168

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The full-text may be used and/or reproduced, and given to third parties in any format or medium, without prior permission or charge, for personal research or study, educational, or not-for-prot purposes provided that:• a full bibliographic reference is made to the original source • a link is made to the metadata record in DRO • the full-text is not changed in any way The full-text must not be sold in any format or medium without the formal permission of the copyright holders.Please consult the full DRO policy for further details. Abstract: This paper analyzes the effect of entrepreneurship capital types on economic growth. We use an augmented Cobb-Douglas production function, which introduces variables such as entrepreneurship capital into the analysis of growth as endogenous factor. We differentiate our work from the previous studies by using panel data analysis, with 43 countries in the period from 2002 to 2012, and different measures of entrepreneurship capital. Our estimations suggest that these measures have a positive effect on economic growth, specifically overall TEA and opportunity TEA. Distinguishing between groups of countries and periods of time, we find that overall TEA has a greater effect on economic growth in OECD countries and in the post-crisis period for all the countries in our sample. These results suggest new elements to both theoretical discussion and public policy focusing on entrepreneurship capital as an important factor to achieve economic growth.

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“…The connection between discovery and economic growth has never been more apparent. It is widely accepted that innovation is at the heart of economic growth, accounting for approximately half of its expansion over the past 50 years (2). This relationship drives much of the public interest in funding science and the education of students in many nations, which increases the capacity to solve global problems.…”

Section: Discovery and Technology Entrepreneurship And Innovationmentioning

confidence: 99%

Meeting global challenges: Discovery and innovation through convergence

Sharp

2014

Science

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The last 50 years in growth theory and the next 10

Cited by 111 publications

References 15 publications

Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence

Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence

Entrepreneurship capital types and economic growth: International evidence

Meeting global challenges: Discovery and innovation through convergence

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