The non-productive entrepreneurial process |
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Authors: | Christopher J Coyne Russell S Sobel John A Dove |
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Institution: | (1) Department of Economics, George Mason University, MSN 3G4, Fairfax, VA 22030, USA;(2) Department of Economics, West Virginia University, P.O. Box 6025, Morgantown, WV 26506-6025, USA |
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Abstract: | A large literature explores the importance of entrepreneurship as the catalyst of economic progress. In contrast, this paper
argues that entrepreneurs are the driver of economic stagnation. We analyze the non-productive entrepreneurial process and
discuss three channels through which non-productive activities have a multiplier effect culminating in economic decline and
stagnation. Drawing on examples of non-productive entrepreneurship from both underdeveloped and developed countries, we provide
insight into why economic stagnation persists in the former and why economic decline can occur in the latter. |
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