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 …

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. …

, as well as studies of inequality and economic growth. The main conclusion is that there is little, if any, Swedish … exceptionalism: Sweden became rich because of well-functioning capitalist institutions, and inequality was low before the expansion … of the welfare state. The recent favorable growth record of Sweden, including the period of financial stress (2008 …

Centralized wage-setting institutions compress relative wages. Motivated by this fact, we investigate the effects of …

that an invention of higher quality is more likely to be sold (or licensed) to an incumbent due to strategic product market … destruction by increasing the entrepreneurial effort allocated to high-quality invention projects. Using detailed data on patents … granted to small firms and individuals, we find evidence that high-quality inventions are often sold, and that they are sold …

This paper analyses simultaneous regulation of cost and quality when firms have private, correlated information about … productivity and the regulator receives a signal about quality. It is shown that managerial effort and expenditures on quality are … positively correlated in the optimal contract. The higher is firm productivity the more should the firm spend on quality …

providers of contents incentives to invest in higher quality and, as a result, force competitors to reduce their prices …