Institutions, Behaviors and Outcomes
Edited by Jean Bonnet, Marcus Dejardin and Domingo García-Pérez-De-Lema
Chapter 13: Entrepreneurship and Schumpeterian growth
Paolo E. Giordani extends the class of Schumpeterian economic growth models by introducing a role for Knightian uncertainty. His modelling is driven by the idea that producing innovation is an intrinsically uncertain economic activity and, accordingly, that agents can be uncertain about the probability of any innovation occurrence. The proposed model echoes the micro-evidence that suggests a relationship between an individual’s occupational choice, including being an entrepreneur, and their attitude towards uncertainty. With respect to economic growth, it supports the idea that the agent’s attitude towards uncertainty enters an explanation of entrepreneurial innovation and, therefore, of the economic performance of the whole economy.
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