Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits
Name
Galor11-07.pdf
Size
284.5 KB
Format
Adobe PDF
Checksum (MD5)
225abc1014945e5b3f851c94b0be608e
Author(s)
Galor, Oded
Michalopoulos, Stelios
Date Issued
May 3, 2011
Publisher
Cambridge, MA: Department of Economics, Massachusetts Institute of Technology
Series/Report no.
Working paper, Massachusetts Institute of Technology, Dept. of Economics;11-07
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.
Subjects
Risk Aversion
Growth
Technological Progress
Evolution
Natural Selection
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