The British Industrial Revolution triggered a reversal in the social order whereby the landed elite was replaced by industrial capitalists rising from the middle classesas the economically dominant group. Many observers have linked this transformation to the contrast in values between a...

The British Industrial Revolution triggered a reversal in the social order wherebythe landed elite was replaced by industrial capitalists rising from the middle classes as the economically dominant group. Many observers have linked this transformation to the contrast in values between a...

This research suggests that a Darwinian evolution of entrepreneurial spirit played asignificant role in the process of economic development and the dynamics of inequality withinand across societies. The study argues that entrepreneurial spirit evolved non-monotonicallyin the course of human...

Questioning the underlying assumptions of the process of creative destruction, weconceptualize an alternative process of creative construction that may characterizethe dynamics between entrants and incumbents. We discuss the underlyingmechanism of knowledge spillover strategic entrepreneurship...

This paper investigates whether the presence of ambitious entrepreneurs is a more important determinant of national economic growth than entrepreneurial activity in general. We use data from the Global Entrepreneurship Monitor to test the extent to which high growth ambitions of entrepreneurs...

Entrepreneurial activity is generally assumed to be an important aspect of the organization of industries most conducive to innovative activity and unrestrained competition. This paper investigates whether total entrepreneurial activity influences GDP growth for a sample of 36 countries. We test...

The long-run evolution of per-capita income exhibits a structural breakoften associated with the Industrial Revolution. We follow Mokyr (2002) and embedthe idea that this structural break reflects a regime switch in the evolution of technologicalknowledge into a dynamic framework, using Airy...

This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as overall “life-cycle” risk aversion. We provide...

We construct a simple political economy model with imperfect capital markets to explain infrastructure investements across Indian states. The model predicts that: i) the fixed cost of accessing the modern sector, ii) the initial stock of infrastructure, iii) median voter weath, and iv)...

This paper constructs a dynamic analysis of the growth and distribution models of Das and Ghate (2004) and Alesina and Rodrik (1994) when leisure is valued by agents. When leisure enters the utility function, we show that the tax rate on capital income chosen in a political equilibrium is lower...