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Abstract:
The study of elderly entrepreneurship and its potential impact on labor, Social Security funds and regional economic growth is of significant importance, particularly for the US economy where population aging coincidentally intersects with the economic shift to a “knowledge economy”. On the one hand, aging, combined with a declining average retirement age, is expected to result in labor force shortages and Social Security fund exhaustion; yet on the other hand, the “knowledge economy” could elevate the value of elderly human capital as the “knowledge economy” is less physically demanding and more human-capital- and knowledge-based.

Building on the utility maximization theory, economic growth theories and social theories of aging, this timely book addresses the old-age effect on entrepreneurial propensity; the sources of seniors' entrepreneurship, including the social and policy variables affecting seniors' entrepreneurship; and the economic, fiscal and labor impacts of elderly entrepreneurship.

Entrepreneurship, Elderly, Seniors, Aging, Social Security, Age, Economic Growth, Economic Geography, Self-Employment, Occupational Choice, Retirement, Human Capital, Utility Maximization, Path Analysis

Abstract:
With an aging population, this study focuses on exploring old-age effect on entrepreneurship propensity, sources of seniors' entrepreneurship, and the economic, fiscal, and labor impacts of elderly entrepreneurship. After reviewing current theories and literature, four hypotheses are tested through two binomial logit models, an extended log-linear growth model with spatial and sensitivity analysis, and a path analysis model. This dissertation builds on the utility maximization theory, economic growth theories, and social theories of aging. The empirical tests find out that seniors are more likely to be entrepreneurs, tax policies and social tolerance level matter to elderly entrepreneurship, and elderly entrepreneurship has positive impacts on regional economic growth, labor force size, and the amount of Social Security Fund surplus. This dissertation concludes with policy implications.

entrepreneurship, self-employment, aging population, economic growth, spatial econometrics