development of nations. What’s more, entrepreneurship is not only influenced by institutions—entrepreneurs often shape … directly alter institutions through innovative political entrepreneurship. Similar to business entrepreneurship, innovative … classify the budding research field that explores the interplay between institutions and entrepreneurship. Institutions channel …

institutions to change for the better. Lastly, entrepreneurs can directly alter institutions through innovative political …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 …

is enormous: billionaires. We explore the relationship between economic development, institutions, and these contrasting … prosperity. Where well-protected private property rights and supporting, market-enhancing institutions flourish, so do … kinds of entrepreneurs. We find that the institutions consistent with self-employed entrepreneurs di¤er markedly from the …

-functioning external market for entrepreneurial effort, limited access to external capital and the complementarities between …