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Female entrepreneurship in the U.S. 1982–2012: Implications for welfare and aggregate output

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  • Bento, Pedro

Abstract

The number of women-owned businesses in the U.S. has soared over the last several decades. In 1982 less than 13 percent of businesses were majority-owned by women. By 2012 this number reached 40 percent. This and other evidence suggests that women have faced significant barriers to running businesses. Interpreted through the lens of a model of entrepreneurship, observed trends imply substantial declines in several barriers facing female entrepreneurs. Together, these changes account for almost 4 percent of observed growth in aggregate output and a 3 percent increase in workers’ consumption-equivalent welfare since 1982. By 2012, lower barriers increased the welfare of female entrepreneurs by a dramatic 116 percent, while lowering the welfare of male entrepreneurs by 5 percent. These impacts are in addition to any gains to workers from declining labor-market barriers.

Suggested Citation

  • Bento, Pedro, 2025. "Female entrepreneurship in the U.S. 1982–2012: Implications for welfare and aggregate output," Journal of Monetary Economics, Elsevier, vol. 149(C).
    • Handle: RePEc:eee:moneco:v:149:y:2025:i:c:s0304393224001296
    DOI: 10.1016/j.jmoneco.2024.103676
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    More about this item

    Keywords

    Women; Entrepreneurship; Business dynamism; Misallocation; Aggregate productivity; Economic growth;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • J7 - Labor and Demographic Economics - - Labor Discrimination
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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