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Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

Oded Galor () and Stelios Michalopoulos ()

No 6327, IZA Discussion Papers from Institute of Labor Economics (IZA)

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: O11 O14 O33 O40 J11 J13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent
Date: 2012-01
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Published in: Journal of Economic Theory, 2012, 147(2), 759-780

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http://ftp.iza.org/dp6327.pdf (application/pdf)

Related works:
Journal Article: Evolution and the growth process: Natural selection of entrepreneurial traits (2012) Downloads
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011) Downloads
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011) Downloads
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011) Downloads
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011) Downloads
Working Paper: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits (2011) Downloads
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