Entrepreneurship, institutional economics, and economic growth: an ecosystem perspective
Open accessAbstract
We analyze conceptually and in an empirical counterpart the relationship between economic growth, factor inputs, institutions, and entrepreneurship. In particular, we investigate whether entrepreneurship and institutions, in combination in an ecosystem, can be viewed as a “missing link” in an aggregate production function analysis of cross-country differences in economic growth. To do this, we build on the concept of National Systems of Entrepreneurship (NSE) as resource allocation systems that combine institutions and human agency into an interdependent system of complementarities. We explore the empirical relevance of these ideas using data from a representative global survey and institutional sources for 46 countries over the period 2002–2011. We find support for the role of the entrepreneurial ecosystem in economic growth.
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Three country-level studies included in this review show a link between entrepreneurial ecosystems and economic growth.
“The three country- level studies that are included in this review have shown a link between entrepreneurial ecosystems and economic growth ( Acs et al., 2018 ; Lafuente et al., 2016 ; Lafuente et al., 2019).”
From Toward an Entrepreneurial Ecosystem Research Program (2022) · cites this paper as Acs et al., 2018
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- Authors
- Acs, Z. J., Estrin, S., Mickiewicz, T., & Szerb, L.
- Affiliations
- London School of Economics and Political Science (GB)
- Aston University (GB)
- University of Pecs (HU)
- Corresponding author
- Estrin, Saul
- Venue
- Small Business Economics
- Published
- 2018-03-06
- Volume
- 51
- Issue
- 2
- Pages
- 501-514
- ISSN
- 0921-898X (ISSN-L)
- 1573-0913
- OpenAlex
- W2794350933
- Cited by
- 582
- References
- 85
- Citations by year
- 2026: 67 · 2025: 77 · 2024: 73 · 2023: 81 · 2022: 79 · 2021: 82 · 2020: 73 · 2019: 41 · 2018: 9
- FWCI
- 68.72
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Small Business Economics (publishedVersion, cc-by)
- London School of Economics and Political Science Research Online (London School of Economics and Political Science) (submittedVersion)
- Aston Publications Explorer (Aston University) (submittedVersion)
- London School of Economics and Political Science Theses Online (London School of Economics and Political Science) (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- London School of Economics and Political Science
- Topics
- Social Sciences › Business, Management and Accounting › Management of Technology and Innovation › Entrepreneurship Studies and Influences
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Productivity
- Social Sciences › Demography › Culture, Economy, and Development Studies
- Keywords
- entrepreneurship, institutional economics, economic growth, entrepreneurial ecosystems, resource allocation, human agency, factor inputs, cross-country growth differences, aggregate production function
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