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Entrepreneurship, Institutions, and Economic Growth: Does the Level of Development Matter?

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  • Christopher J. Boudreaux
Abstract
Entrepreneurship is often touted for its ability to generate economic growth. Through the creative-destructive process, entrepreneurs are often able to innovate and outperform incumbent organizations, all of which is supposed to lead to higher employment and economic growth. Although some empirical evidence supports this logic, it has also been the subject of recent criticisms. Specifically, entrepreneurship does not lead to growth in developing countries; it only does in more developed countries with higher income levels. Using Global Entrepreneurship Monitor data for a panel of 83 countries from 2002 to 2014, we examine the contribution of entrepreneurship towards economic growth. Our evidence validates earlier studies findings but also exposes previously undiscovered findings. That is, we find that entrepreneurship encourages economic growth but not in developing countries. In addition, our evidence finds that the institutional environment of the country, as measured by GEM Entrepreneurial Framework Conditions, only contributes to economic growth in more developed countries but not in developing countries. These findings have important policy implications. Namely, our evidence contradicts policy proposals that suggest entrepreneurship and the adoption of pro-market institutions that support it to encourage economic growth in developing countries. Our evidence suggests these policy proposals will be unlikely to generate the economic growth desired.

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  • Christopher J. Boudreaux, 2019. "Entrepreneurship, Institutions, and Economic Growth: Does the Level of Development Matter?," Papers 1903.02934, arXiv.org.
  • Handle: RePEc:arx:papers:1903.02934
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    1. Christopher J. Boudreaux & Daniel L. Bennett & David S. Lucas & Boris N. Nikolaev, 2023. "Taking mental models seriously: institutions, entrepreneurship, and the mediating role of socio-cognitive traits," Small Business Economics, Springer, vol. 61(2), pages 465-493, August.
    2. Yagoub Ali Gangi & Alamedin Abdallah Bannaga & Omer Abker, 2023. "Institutional Environment, Entrepreneurial Activities and Economic Growth across Selected Arab Countries," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 13(4), pages 89-117.
    3. Juan M. Dempere & Alexandrina M. Pauceanu, 2022. "The impact of economic-related freedoms on the national entrepreneurial activity," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-20, December.
    4. Ovidiu Stoica & Angela Roman & Valentina Diana Rusu, 2020. "The Nexus between Entrepreneurship and Economic Growth: A Comparative Analysis on Groups of Countries," Sustainability, MDPI, vol. 12(3), pages 1-19, February.
    5. Sun, Yang & Easaw, Joshy & Logothetis, Vassilis, 2023. "Assessing the Institutions-Innovation Channel within the Inequality-Growth Nexus," Cardiff Economics Working Papers E2023/21, Cardiff University, Cardiff Business School, Economics Section.
    6. Shihao Wei & Christopher J. Boudreaux & Zhongfeng Su & Zhan Wu, 2024. "Natural disasters, personal attributes, and social entrepreneurship: an attention-based view," Small Business Economics, Springer, vol. 62(4), pages 1409-1427, April.

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    More about this item

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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