Abstract
The modern temple of the entrepreneurial ecosystem is like many temples of the ancient world: both are held up by pillars. Like the pillars of ancient temples—made of sand and limestone held together by cement—the pillars of the economic ecosystem are made of individuals and institutions that are held together by the “cement” of incentives created by institutions that influence the behavior of people. The entrepreneurial ecosystem rests on these pillars of development, which hold up three large building blocks consisting of attitudes toward entrepreneurship, entrepreneurial abilities, and entrepreneurial aspirations. The pillars must be of similar height and strength for a fully developed economy to flourish, and they need constant attention, continuous improvement, and careful maintenance.
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Notes
- 1.
For a review of the literature, see Acs and Virgil (2011).
- 2.
Easterly identifies the slowdowns in the economies of OECD trading partners of LDCs as a possible cause of the disappointing growth performance; see Easterly (2001), pp. 141–143.
- 3.
Sachs (2005), pp. 22–23.
- 4.
Ketkar and Acs (2013).
- 5.
Woolridge (2009).
- 6.
Rostow (1960).
- 7.
Porter, Sachs, and McArthur (2002).
- 8.
Leibenstein (1968).
- 9.
Banerjee and Duflo (2012).
- 10.
Baumol (1990).
- 11.
- 12.
- 13.
Acs and Varga (2005).
- 14.
Papagiannidis and Li (2005).
- 15.
Caliendo, Fossen, and Kritikos (2009).
- 16.
Shane and Cable (2003).
- 17.
Guiso, Sapienza, and Zingales (2006).
- 18.
Bhola, Verheul, Thurik, and Grilo (2006).
- 19.
Coad and Rao (2008).
- 20.
Bates (1990).
- 21.
Baumol, Litan, and Schramm (2007).
- 22.
Stam and Wennberg (2009).
- 23.
Acs, Parsons, and Tracy (2008).
- 24.
De Clercq, Sapienza, and Crijns (2005).
- 25.
Gompers and Lerner (2004).
- 26.
Groh, Liechtenstein, and Lieser (2012).
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Acs, Z., Szerb, L., Autio, E. (2017). The Global Entrepreneurship Index. In: Global Entrepreneurship and Development Index 2016. SpringerBriefs in Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-63844-7_3
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