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. However, empirical evidence linking entrepreneurship to economic growth is scarce. Empirical Analysis of
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INTERNATIONAL STUDIES IN ENTREPRENEURSHIP Series Editors: Zoltan J. Acs University of Baltimore Baltimore, Maryland USA David B. Audretsch Max-Planck-Institute for Research into Economic Systems Jena, Germany
Other books in the series: Black, G. The Geography of Small Firm Innovation Tubke, A. Success Factors of Corporate Spin-offs Corbetta, G., Huse, M., Ravasi, D. Crossroads of Entrepreneurship Hansen, T., Solgaard, H.S. New Perspectives in Retailing and Store Patronage Behavior Davidsson, P. Researching Entrepreneurship Fomahl, D., Audretsch D., Zellner, C. The Role of Labour Mobility and Informal Networks for Knowledge Transfer Audretsch D., Grimm, H., Wessner, C. Local Heroes in the Global Village Landstrom, H. Pioneers in Entrepreneurship and Small Business Research Lundstrom, A., Stevenson, L. Entrepreneurship Policy: Theory and Practice Elfring, T. Corporate Entrepreneurship
Empirical Analysis of Entrepreneurship and Economic Growth
Andre van Stel Erasmus University Rotterdam, The Netherlands, Max Planck Institute of Economics, Jena, Germany, and EIM Business and Policy Research, Zoetermeer, The Netherlands
a- Springer
Library of Congress Control Number: 2005933707 ISBN-10: 0-387-27963-6 e-ISBN 0-387-29419-8 ISBN-13: 978-0387-27963-3 Printed on acid-free paper. O 2006 Springer Science+Business Media, Inc. All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+BusinessMedia, Inc., 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights.
Printed in the United States of America.
TABLE OF CONTENTS Foreword
vii
1.
Introduction
1
2.
Economic Development and Business Ownership
11
3.
Business Ownership and Sectoral Growth
39
4.
Impeded Industrial Restructuring: The Growth Penalty
71
5.
Knowledge Spillovers and Economic Growth
85
6.
The Link between Firm Births and Job Creation
7.
Total Entrepreneurial Activity Rates and Economic Growth 145
8.
Business Dynamics and Employment Growth
161
9.
COMPENDIA: Harmonizing Business Ownership Data
179
113
10. Overview and Conclusions
205
References
215
Index
229
Employment in OECD countries is under pressure from global competition of low-cost countries in Asia and Eastern Europe. Many policy makers in Western countries believe that 'entrepreneurship' offers a way out and are inclined to promote entrepreneurship policies. However, remarkably little is known about the exact nature of the relationship between entrepreneurship and economic growth, let
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