, earning differentials between employees and self-employedworkers, unemployment rates and value added per capita account for 40 …

is enormous: billionaires. We explore the relationship between economic development, institutions, and these contrasting … kinds of entrepreneurs. We find that the institutions consistent with self-employed entrepreneurs di¤er markedly from the … ones consistent with billionaires. Further, only the latter are consistent with the institutions that underlie economic …

Previous research, notably Baumol (1990), has highlighted the role of insti-tutions in channeling entrepreneurial … institutions—entrepreneurs often help shape institutions themselves. The bilateral causal relation between entrepreneurs and … institutions is examined in this paper. Entrepreneurs affect institutions in at least three ways. Entrepreneurship abiding by …

institutions. We present an alternative way of generalizing the notion of entrepreneurship and show how and why it encompasses the … of institutions constitutes an important set of entrepreneurial profit opportunities. An implication of this is that … entrepreneurial efforts to reform or offset inefficient institutions can in some cases be welfare-improving. …

. We analyze institutions and policies conducive to structural transformation, in particular the expansion of high … a number of institutions that encourage the creation of HGFs and promote structural transformation. In particular, our …

direction of entrepreneurial activity. Four key institutions are explored more closely: property rights protection, savings … policies, taxation and the regulation of labor markets. Institutions have far-reaching effects on entrepreneurship, and they … entrepreneurship to the institutional setup it is maintained that in-depth analyses of specific institutions are required in order to …

Recent research has highlighted the role of institutions in channeling entrepreneurs into activities with positive or … reveals the bilateral causal relation between entrepreneurs and institutions. Core features of the entrepreneur force us to … view its effects on institutions as more than mechanic general equilibrium adjustments. Three analytically separate …

institutions that foster the emergence of competence blocs and the creation of HGFs. In particular, our analysis points to the …. Finally, we characterize institutions beneficial for sclerotic or dynamic capitalism, respectively, depending on whether they …