Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union

Rafael Acevedo and Maria Lorca-Susino
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Rafael Acevedo: Menard Family Center for Economic Inquiry, Creighton University, Omaha, NE, USA
Maria Lorca-Susino: Econintech, Miami, FL, USA

Journal of Economic Analysis, 2025, vol. 4, issue 2, 1-17

Abstract: Economic growth rests on entrepreneurship and capitalism. Entrepreneurship is important because entrepreneurs work unceasingly to create, use, and disseminate new products and productive techniques to raise living standards. Capitalism is characterized by private property rights, a free market, and the pursuit of profit, which are driving forces for innovation and productivity and in turn economic growth. Using six proxies for economic growth, our results show that capitalism, measured by the Economic Freedom of the World Index, and entrepreneurship, measured by the Global Entrepreneurship Monitor data set, fostered economic growth in member states of the European Union between 2000 and 2021.

Keywords: entrepreneurship; capitalism; economic growth; European Union. (search for similar items in EconPapers)
Date: 2025
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