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Total Factor Productivity and Entrepreneurship: Creative Self-Destruction

In: Advances in Empirical Economic Research

Author

Listed:
  • Jose Maria Sevilla Llewellyn-Jones

    (CEU International Doctoral School (CEINDO), Doctorate Program in Law and Economics)

Abstract

The lack of evidence in literature of the relationship between entrepreneurship and economic growth is a known fact as data is limited. The present paper addresses this absence by taking into consideration the economic assumptions from Schumpeter’s theory of creative destruction into a new approach to the relationship between entrepreneurship and total factor productivity (TFP). Using the data from a single country, the United States, a comparative time period analysis is done by adding a business establishment exit rate to a TFP growth regression based on Solow’s neoclassical Cobb-Douglas production function. A significant and positive relationship is found between TFP growth and a business establishment exit rate in a stagnated innovation period (2009–2019), whilst the effects are significant and negative in a highly disruptive innovative one (1995–2005).

Suggested Citation

  • Jose Maria Sevilla Llewellyn-Jones, 2023. "Total Factor Productivity and Entrepreneurship: Creative Self-Destruction," Springer Proceedings in Business and Economics, in: Nicholas Tsounis & Aspasia Vlachvei (ed.), Advances in Empirical Economic Research, chapter 0, pages 133-149, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-22749-3_8
    DOI: 10.1007/978-3-031-22749-3_8
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