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Culture, Entrepreneurship, and Growth
[report]
2013
unpublished
We discuss the two-way link between culture and economic growth. We present a model of endogenous technical change where growth is driven by the innovative activity of entrepreneurs. Entrepreneurship is risky and requires investments that affect the steepness of the lifetime consumption profile. As a consequence, the occupational choice of entrepreneurship hinges on risk tolerance and patience. Parents expecting their children to become entrepreneurs have an incentive to instill these two
doi:10.3386/w19141
fatcat:sjhvczkxzzedlcswnll3kbf4ce