%0 Report
        %A Galor, Oded
%A Michalopoulos, Stelios
        %T Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits
        %D 2012
        %8 2012 Jan
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 6327
        %U https://www.iza.org/publications/dp6327
        %X This research suggests that a Darwinian evolution of entrepreneurial spirit played a significant 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 the 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.
        %K risk aversion
%K growth
%K technological progress
%K evolution
%K natural selection