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Is Productive Entrepreneurship Getting Scarcer? A Reflection on the Contemporary Relevance of Baumol's Typology

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  • Minniti, Maria

    (SMU Cox School of Business)

  • Naudé, Wim

    (RWTH Aachen University)

  • Stam, Erik

    (Utrecht University)

Abstract

We review Baumol's typology of productive, unproductive and destructive entrepreneurship. We argue that the typology is relevant for explaining the secular decline in business dynamics. To the existing explanations for this decline, we put forward the thesis that entrepreneurship has become less productive, due to the unintended effects of entrepreneurship policies adopted widely in Western economies. These have straight-jacketed, distracted and zombified entrepreneurship. Removing these constraints on productive entrepreneurship would require that the decline in level-two institutions, such as democracy and science, be halted and reversed.

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  • Minniti, Maria & Naudé, Wim & Stam, Erik, 2023. "Is Productive Entrepreneurship Getting Scarcer? A Reflection on the Contemporary Relevance of Baumol's Typology," IZA Discussion Papers 16408, Institute of Labor Economics (IZA).
    • Handle: RePEc:iza:izadps:dp16408
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    More about this item

    Keywords

    entrepreneurship; economic growth; economic development; institutions; Baumol;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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