- New Thinking in Political Economy series
Edited by Robert F. Salvino Jr., Michael T. Tasto and Gregory M. Randolph
Chapter 3: Economic freedom, entrepreneurship and growth
AbstractThis chapter provides a survey of the literature linking economic freedom, entrepreneurship, and economic growth and offers the economic theory and logic behind the expected positive empirical relationships between these three key variables. The important distinction between productive and unproductive entrepreneurship is explored to explain how entrepreneurship can impact economic growth in both positive and negative ways. Economic freedom's relationship to economic growth is detailed through an analysis of the formal and informal institutions associated with economic freedom and how these institutions are connected to economic outcomes. Finally, this chapter provides a review of empirical work linking entrepreneurship, economic freedom, and economic growth, highlighting that the three variables have the expected positive relationships.
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