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Evolution and the Growth Process: Natural Selection of Entrepreneurial TraitsOded GalorBrown University - Department of Economics; Centre for Economic Policy Research (CEPR); Massachusetts Institute of Technology (MIT) - School of Humanities, Arts, and Social Sciences, Department of Economics Stelios MichalopoulosBrown University - Department of Economics; National Bureau of Economic Research (NBER) IZA Discussion Paper No. 6327 Abstract: This research suggests that a Darwinian evolution of entrepreneurial spirit played a significant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and the process of economic development. In mature stages of development, however, risk-averse traits gained an evolutionary advantage, diminishing the growth potential of advanced economies and contributing to convergence in economic growth across countries.
Number of Pages in PDF File: 31 Keywords: risk aversion, growth, technological progress, evolution, natural selection JEL Classification: O11, O14, O33, O40, J11, J13 working papers seriesDate posted: February 12, 2012Suggested CitationContact Information
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