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Title:Evolution and the growth process: Natural selection of entrepreneurial traits PDF Logo
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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