Evolution and the growth process: Natural selection of entrepreneurial traits |
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Authors: | Oded Galor Stelios Michalopoulos |
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Institution: | 1. Department of Economics, Brown University, Providence, RI 02912, United States;2. Tufts University, United States;3. Institute for Advanced Study, Princeton, United States |
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Abstract: | This research suggests that a Darwinian evolution of entrepreneurial spirit played a significant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and the process of economic development. In mature stages of development, however, risk-averse traits gained an evolutionary advantage, diminishing the growth potential of advanced economies and contributing to convergence in economic growth across countries. |
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