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| Title: | | Evolution and the growth process: Natural selection of entrepreneurial traits  |
| Authors: | | Galor, Oded |
| Issue Date: | | 2011 |
| Series/Report no.: | | Working Paper, Brown University, Department of Economics 2011-9 |
| Abstract: | | This research suggests that the evolution of entrepreneurial spirit played a significant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and the process of economic development. In mature stages of development, however, risk-averse traits gained an evolutionary advantage, diminishing the growth potential of advanced economies and contributing to convergence in economic growth across countries. |
| Subjects: | | Risk Aversion Growth Technological Progress Evolution Natural Selection |
| JEL: | | O11 O14 O33 O40 J11 J13 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Department of Economics, Brown University
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