Entrepreneurship and economic growth
William J. Baumol, Robert J. Strom
Strategic Entrepreneurship Journal · 2007 · Volume 1 · Issue 3
Abstract
Entrepreneurs who focus on innovation in their products, their production techniques, and their markets play a key role in economic growth. The direction of their activity is guided by their goals: wealth, power, and prestige. Current institutions, shaped by history and government are critical in determining where entrepreneurs will find it most promising to direct their efforts, sometimes, but not always, benefiting the general welfare. One goal of good policy, therefore, is redesign of institutions so as to attract entrepreneurial activity to beneficial directions. Copyright © 2008 Strategic Management Society.
Keywords
entrepreneurship, institutions, economic growth, invention dissemination
Enable JavaScript for citation tools and additional paper interactions.