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Policies for a new entrepreneurial economy

In: Schumpeterian Perspectives on Innovation, Competition and Growth

Author

Listed:
  • Gunnar Eliasson

    (The Ratio Institute and KTH)

Abstract

Emerging smaller scale, distributed production technology offers new growth prospects for the mature industrial economies, but also intensifies global competition, increases job separations and raises the risks for policy failure. The new global production organization and competition are enforcing a better match between the wide distributions of individual productivities and the still fairly flat distributions of wages within industrial economics. To prevent the extreme income and wealth distributions between the industrial and the developing economies from being established within the industrialized economies, it is necessary to achieve (1) more even skill distributions through effective education, (2) radically improved recycling of unemployed labor, (3) significantly raised entrepreneurial establishment and expansion of new firms and (4) radically lowered private income risks for self employed. Success of the old industrial nations in maintaining their welfare attributes, I furthermore conclude, will be played out in the three critical markets for labor, educational and insurance services, all currently dominated by public service providers in Europe. Private citizens’ accounts should, however, both help finance and improve incentives for self employment and private entrepreneurship and complement eroding public social insurance in high tax welfare economies. I study the prospects for instituting such incentives to facilitate self employment and new business creation in some European countries and in the USA. A stylized comparison of the industrial systems suggests that European economies are at a disadvantage compared to the U.S.

Suggested Citation

  • Gunnar Eliasson, 2009. "Policies for a new entrepreneurial economy," Springer Books, in: Uwe Cantner & Jean-Luc Gaffard & Lionel Nesta (ed.), Schumpeterian Perspectives on Innovation, Competition and Growth, pages 337-368, Springer.
  • Handle: RePEc:spr:sprchp:978-3-540-93777-7_19
    DOI: 10.1007/978-3-540-93777-7_19
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    Cited by:

    1. Eliasson, Gunnar, 2023. "Bringing markets back into economics," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 686-710.

    More about this item

    Keywords

    Competence Bloc theory; Distributed production; Entrepreneurship; Experimentally organized economy; Private citizens accounts; Self employment; Venture capital competence;
    All these keywords.

    JEL classification:

    • D20 - Microeconomics - - Production and Organizations - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J4 - Labor and Demographic Economics - - Particular Labor Markets
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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