Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits

Oded Galor, Stelios Michalopoulos
2011 Social Science Research Network  
This research suggests that a Darwinian evolution of entrepreneurial spirit played a sig-ni...cant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and
more » ... he process of economic development. In mature stages of development, however, risk-averse traits gained an evolutionary advantage, diminishing the growth potential of advanced economies and contributing to convergence in economic growth across countries.
doi:10.2139/ssrn.1831783 fatcat:4zk3wryptngndaeazkfkb5i4v4