Abstract
While a focus on the entrepreneurial ecosystem may seem a novel approach to development, it is consistent with and even complementary to older, more traditional development strategies. As developing economies move from centralized economies to market economies, enterprise and entrepreneurship become important. “The emerging world, long a source of cheap labor, now rivals developed countries for business innovation. Developing countries are becoming hotbeds of business innovation in much the same way as Japan did from the 1950s onwards.”
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Notes
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Woolridge (2009).
- 2.
Leibenstein (1968).
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The Wall Street Journal (2014). ‘Amazon Reports Loss Despite Strong Sales Growth’. Available at: http://online.wsj.com/articles/amazon-reports-another-loss-despite-strong-sales-growth-1406233529.
- 5.
Acs, Z.J., Autio, E., Szerb, L. (2014). National systems of entrepreneurship: Measurement issues and policy implications. Research Policy, 43(3), 476–494.
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Schumpeter, J.A. (1934). The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Cambridge, MA: Harvard University Press.
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We agree that correlation and basic regression coefficients are not enough to determine causation, which is why we say that a 10% global increase in GEI could improve global productivity 0.22 points. But, it should be kept in mind that the said change in the GEI, and the changes to institutions that it represents, could add this amount to global productivity, since the institutions that support entrepreneurship also support a variety of other economic and non-economic activities.
References
Leibenstein, H. (1968). Entrepreneurship and development. American Economic Review, 38(2), 72–83.
Woolridge, A. (2009, March 14). Global heroes: A special report on entrepreneurship. The Economist, 1–19.
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Ács, Z.J., Szerb, L., Lafuente, E., Lloyd, A. (2018). The Entrepreneurial Ecosystem and Global Prosperity. In: Global Entrepreneurship and Development Index 2018. SpringerBriefs in Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-03279-1_2
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