CQ 1: Which type of entrepreneurship contributes to economic growth?
19 important questions on CQ 1: Which type of entrepreneurship contributes to economic growth?
What is the selection in the market framework of Fritsch and Mueller (2004)?
- Market process (selection)
- New capacities: development of new businesses
- Exiting capacities: decline or closure of incumbents
- Supply-side effects
- Securing efficiency
- Acceleration of structural change
- Amplified innovation
- Greater variety
- Improved competitiveness
- Growth
What are the impact phases of new businesses on employment creation?
- I: Development of new businesses
- New capacities (direct effect)
- II: Decline or closure of incumbents
- Exiting capacities (displacement effect)
- III: Securing efficiency (competitiveness)
- Supply-side effect (induced effect)
Competition (market process) is central for explaining the curve, do you expect stronger (bigger amplitude of the polynomial) or weaker effects in regions with a high level of entrepreneurship? (3)
- Areas with a high density of economic activity experience more intense competition
- The higher the level of competition, the stronger the selection of new (relatively efficient) businesses (and decline of inefficient incumbents)
- Hence, we may expect stronger effects in regions with high levels of entrepreneurship
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What is the impact of new businesses on employment creation?
- Higher population density =
- More economic activity =
- Stronger competition
How can you measure new entrepreneurial activity? (2)
- Individuals
- Businesses
What are 3 caveats of individuals starting a business?
- Start-up teams
- Portfolio entrepreneurship
- (In)formal/ main economic activity?
What are 3 caveats of starting businesses?
- Registration thresholds (ease of registration)
- Existence in previous period (change of ownership)
- Part of other business
How can you measure the start-up rate?
What is the denominator challenge related to measuring the start-up rate?
What is the general challenge related to measuring the start-up rate?
- Are you currently setting up a business versus have you started a business in the last X months?
How can the Total early-stage Entrepreneurial Activity (TEA) be calculated?
What are nascent entrepreneurs?
What are new business owners?
What is the relation between level of economic development and TEA? (3)
- Some critics say the relationship is L-shaped
- For poor countries: given GDP, any level of TEA is possible
- For rich countries: given TEA, any level of GDP is possible
What is the main explanation for the U-curve?
- Factor-driven
- Efficiency-driven
- Innovation-driven
What is a factor-driven economy?
- Economic activity primarily based on the extraction of natural resources
- Mining
- Agriculture
What is an efficiency-driven economy?
- Industrialisation and economies of scale are major drivers of economic development
What is an innovation-driven economy?
- Expanding services sector, and increasing variety and knowledge intensity of the industrial sector
- However, economic development often leads to a stronger increase of safe wages than of entrepreneurial income
How should we compare the 'fit' of the models when looking at the lineair shape, the U-shape and L-shape?
- Significance of coefficient also relevant for interpretation results
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