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Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union

Author

Listed:
  • Rafael Acevedo

    (Menard Family Center for Economic Inquiry, Creighton University, Omaha, NE, USA)

  • Maria Lorca-Susino

    (Econintech, Miami, FL, USA)

Abstract

Economic growth rests on entrepreneurship and capitalism. Entrepreneurship is important because entrepreneurs work unceasingly to create, use, and disseminate new products and productive techniques to raise living standards. Capitalism is characterized by private property rights, a free market, and the pursuit of profit, which are driving forces for innovation and productivity and in turn economic growth. Using six proxies for economic growth, our results show that capitalism, measured by the Economic Freedom of the World Index, and entrepreneurship, measured by the Global Entrepreneurship Monitor data set, fostered economic growth in member states of the European Union between 2000 and 2021.

Suggested Citation

  • Rafael Acevedo & Maria Lorca-Susino, 2025. "Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union," Journal of Economic Analysis, Anser Press, vol. 4(2), pages 1-17, June.
    • Handle: RePEc:bba:j00001:v:4:y:2025:i:2:p:1-17:d:404
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