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Discussion Paper Details

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Title: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

Author(s): Oded Galor and Stelios Michalopoulos

Publication Date: May 2011

Keyword(s): Evolution, Growth, Natural Selection, Risk Aversion and Technological Progress

Programme Area(s): International Macroeconomics

Abstract: This research suggests that the 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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Bibliographic Reference

Galor, O and Michalopoulos, S. 2011. 'Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8377