Demographics and Entrepreneurship
James Liang () and
Hui Wang ()
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James Liang: Peking University
Hui Wang: Peking University
No 14-003, Discussion Papers from Stanford Institute for Economic Policy Research
Entrepreneurship requires creativity and business acumen. Creativity may decline with age, but business skills increase with experience in high level positions. Having too many older workers in society slows entrepreneurship. Not only are older workers less innovative, but more significant is that when older workers occupy key positions they block younger workers from acquiring business skills. A formal theoretical structure is presented and tested using the Global Entrepreneurship Monitor data. The results imply that a one-standard deviation decrease in the median age of a country increases the rate of new business formation by 2.5 percentage points, which is about forty percent of the mean rate. Furthermore, older societies have lower rates of entrepreneurship at every age.
JEL-codes: J11 L26 M51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age and nep-ent
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Journal Article: Demographics and Entrepreneurship (2018)
Working Paper: Demographics and Entrepreneurship (2014)
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