Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/62604
Authors: 
Galor, Oded
Year of Publication: 
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

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