Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/58930 
Year of Publication: 
2012
Series/Report no.: 
IZA Discussion Papers No. 6327
Publisher: 
Institute for the Study of Labor (IZA), Bonn
Abstract: 
This research suggests that a Darwinian 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
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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