From entrepreneurship to economic growth: a three-stage approach
by Patricia Van Hemert
International Journal of Foresight and Innovation Policy (IJFIP), Vol. 4, No. 1/2, 2008

Abstract: Over time, different economic theories have supported the idea that entrepreneurship and innovation are essential for spurring economic growth. One question, however, remains unanswered, namely, why some regions in different parts of the world manage to enter into a cycle of growth and development that lasts for a long time, while many others fail to do so. In this paper, an attempt is made at further clarifying this question by means of a three-stage approach. When looking at the academic literature, the growth process may be subdivided into three essential stages of growth: the institutional stage, the entrepreneurial stage and the innovative stage. This study suggests that this three-stage approach might prove useful in further defining the research on entrepreneurship and innovation in relation to economic growth.

Online publication date: Mon, 28-Jan-2008

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