Whether in rich countries or poor, economic growth is sustainable only when it is based on the growth of productive business. Rapidly expanding firms offer jobs, provide needed services, and introduce innovations that are the source of economic vibrancy locally, nationally, and...

This paper develops microeconomic foundations for a theory of entrepreneurship and growth, focusing on innovation and opportunity as intermediate linkages between the two. Expanding upon points of tangency between Schumpeter and Coase, the paper argues that transactions costs are the glue that...

In this paper we argue that specific institutional and behavioral disjunctures in the process of technology development may systematically impede the flow of financial and other resources to even the most promising nascent technology ventures. Our particular focus is on the role of technology...