Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

Oded Galor and Stelios Michalopoulos

No 98, Economics Working Papers from Institute for Advanced Study, School of Social Science

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.

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)
Pages: 29 pages
Date: 2011-04
New Economics Papers: this item is included in nep-ent and nep-evo
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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Related works:
Journal Article: Evolution and the growth process: Natural selection of entrepreneurial traits (2012)
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)
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