Empirical Analysis of Entrepreneurship and Economic Growth
The importance of entrepreneurship for achieving economic growth in contemporary economies is widely recognized, both by policy makers and economists. It is deeply embedded in the current European policy approach that the creativity and independence of entrepreneurs contribute to higher levels of economic activity. Indeed, according to the European Commission (2003, p. 9), "The challenge for the European Union is to identify the key factors for building a climate in which entrepreneurial initiative and business activities can thrive. Policy measures should seek to boost the Union's levels of entrepreneurship, adopting the most appropriate approach for producing more entrepreneurs and for getting more firms to grow. " Audretsch (2003, p. 5) states that "Entrepreneurship has become the engine of economic and social development throughout the world. " The relation between entrepreneurship and economic growth is embedded in several strands of the economic literature. A first strand of literature involves the general understanding of the role of entrepreneurship in the modern economy. Seminal contributions were made by Schumpeter (1934), Knight (1921) and Kirzner (1973). These economists stress different aspects of the role of the entrepreneur. While Schumpeter stresses the innovating aspect, Knight stresses the risk assuming aspect. Kirzner, finally, stresses the role of the entrepreneur in leading markets to equilibrium. Acs (1992) discusses the contribution of small firms in modern economies.
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Audretsch and Thurik average beneﬁt business dynamics business owners business ownership rate capita income Carree chapter classiﬁcation coefﬁcients COMPENDIA competition data base data set deﬁned deﬁnition dependent variable deviation economic development economic growth empirical employees employment change employment growth entrepreneurship entry and exit Equation equilibrium equilibrium rate estimation results ﬁgures ﬁnd ﬁnns ﬁrm formation ﬁrst ﬁve GDP per capita important incorporated businesses incorporated self-employed increase industry structure inﬂuence innovation Italy knowledge spillovers Labour Force Statistics large ﬁrms measure multicollinearity negative net-entry Netherlands number of business number of enterprises number of self-employed NUTS2 NUTS3 OECD Labour Force parameter period positive effect production purchasing power parities rate of business reﬂect regional dummies regression relationship relatively reported Section self-employment service sector signiﬁcant Small Business small ﬁrms spatial speciﬁcation stage of economic startup rate Stel t-values Table unincorporated unpaid family workers value added volatility Zoetermeer