We survey the literature on venture capital and institutions and present a case study comparing the development of the …

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 …

, who are renowned specialists in the area and with deep knowledge of the pertinent institutions in Sweden and the US. These …

political institutions and industry characteristics of the US, while the features of the second equilibrium better describe …

entrepreneurial efforts to reform or offset inefficient institutions can in some cases be welfare-improving. … 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 …