Evolution and the growth process: Natural selection of entrepreneurial traits

Oded Galor and Stelios Michalopoulos

Journal of Economic Theory, 2012, vol. 147, issue 2, 759-780

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.

Keywords: Risk aversion; Growth; Technological progress; Evolution; Natural selection (search for similar items in EconPapers)
JEL-codes: J11 J13 O11 O14 O33 O40 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (83)

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Related works:
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2012)
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011)
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011)
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011)
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011)
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:147:y:2012:i:2:p:759-780

DOI: 10.1016/j.jet.2011.04.005

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