TY  - RPRT
        AU  - Galor, Oded
AU  - Michalopoulos, Stelios
        TI  - Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits
        PY  - 2012/Jan/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 6327
        UR  - https://www.iza.org/publications/dp6327
        AB  - 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.
        KW  - risk aversion
KW  - growth
KW  - technological progress
KW  - evolution
KW  - natural selection
        ER  -