Entrepreneurial Action, Public Policy, and Economic Outcomes

Entrepreneurial Action, Public Policy, and Economic Outcomes

New Thinking in Political Economy series

Edited by Robert F. Salvino Jr., Michael T. Tasto and Gregory M. Randolph

Examining the economics of entrepreneurship from the perspectives of productive versus unproductive entrepreneurial behavior and the role of institutions in economic outcomes, the authors in this book seek to advance the research on institutions by providing a simple framework to analyze the broader, long-term consequences of economic policies. They examine the relationship between economic freedom and economic outcomes and summarize empirical evidence and theory. The book also provides practical policy solutions that are based on the authors' cogent analyses.

Chapter 2: Institutions, entrepreneurship and economic growth

Tomi Ovaska

Subjects: business and management, entrepreneurship, economics and finance, austrian economics, politics and public policy, public policy


Societies' standards of living and well-being are closely tied to the quality of institutions under which entrepreneurs conduct their everyday business. In this chapter I first discuss the theoretical connection between institutional quality, entrepreneurial activity, and economic growth and then present the main findings from previous literature. Finally, I highlight the kinds of public policies that are conducive to a higher level of entrepreneurial activity and economic growth.

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