New Thinking in Political Economy series
Edited by Robert F. Salvino Jr., Michael T. Tasto and Gregory M. Randolph
Chapter 6: Institutions and entrepreneurial productivity in the American states
Recent research has examined the relationship between institutional quality and entrepreneurial activity in light of Baumol's (1990) theory of productive and unproductive entrepreneurship. This chapter reviews the recent literature regarding entrepreneurship and institutions and provides an analysis of the impact of economic freedom on entrepreneurial productivity. The results suggest that lower levels of government freedom result in greater interest group populations while greater labor market freedom encourages firm births in states in the U.S. These results provide further evidence that institutions impact the decisions and productivity of entrepreneurs in society.
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