Economic Behavior, Economic Freedom, and Entrepreneurship
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Economic Behavior, Economic Freedom, and Entrepreneurship

Edited by Richard J. Cebula, Joshua Hall, Franklin G. Mixon Jr and James E. Payne

Expert editors add to an important field of research, the economics of entrepreneurship, and explore how institutions influence entrepreneurial behavior. This book provides comprehensive and contemporary insights into the interaction between economic behavior of firms and households, economic freedom, and entrepreneurship, and how it generates an environment with greater opportunities for growth and development for individuals, households, and private-sector firms.
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Chapter 20: Freedom, growth and entrepreneurship: several sources of US evidence

Richard Vedder


Both the historical experience of the United States and more contemporary evidence suggest that economic freedom tends to promote entrepreneurship, which, in turn, promotes innovation, capital formation, and the expansion of incomes and outputs. While the evidence is not perfect, the preponderance of evidence suggests that economic freedom breeds entrepreneurship which, in turn, fosters the growth of incomes, wealth and material welfare. The evidence presented in this article suggests that removing barriers to freedom such as trade barriers, labor market regulations, high taxes, limits on currency conversions, etc., will promote entrepreneurship, an unleashing of human economic potential, and better material lives for citizens, both entrepreneurial and non-entrepreneurial.

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