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Geupload op: 13 januari 2012
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The 2012 Global Entrepreneurship and Development Index (GEDI): Perspectives from the Americas
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How is entrepreneurship important for economic growth? The answer to this question was given
years ago by Robert Solow. Capital and labor are important but they only explain a fraction of
economic growth. What explains the rest has been in part a mystery. However, we know from
Douglas North that institutions matter. Institutions provide the incentive structure for economic
agents. We know from Joseph Schumpeter that these agents create new organizations that
introduce new product and process innovations to the economy—the process of creative
destruction. Combining institutional incentives, organizational creation and entrepreneurship
gives us economic growth. Entrepreneurship explains the missing piece of the economic growth
puzzle. But how much of it do we have in the world? Is entrepreneurship going up or down?
years ago by Robert Solow. Capital and labor are important but they only explain a fraction of
economic growth. What explains the rest has been in part a mystery. However, we know from
Douglas North that institutions matter. Institutions provide the incentive structure for economic
agents. We know from Joseph Schumpeter that these agents create new organizations that
introduce new product and process innovations to the economy—the process of creative
destruction. Combining institutional incentives, organizational creation and entrepreneurship
gives us economic growth. Entrepreneurship explains the missing piece of the economic growth
puzzle. But how much of it do we have in the world? Is entrepreneurship going up or down?
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