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This open access book builds on the European Union's (EU) Horizon
2020 project 'Financial and Institutional Reforms for an
Entrepreneurial Society' (FIRES). The authors outline how Europe
can move towards more inclusive, innovative and sustainable growth
through reforms that will rekindle its entrepreneurial spirit.
Based on decades of research and countless discussions with
stakeholders, the book also features the FIRES project's full list
of policy interventions and institutional reforms that can help
policymakers make that agenda a reality.
This open access book examines the challenges and issues caused by
a move to a marketized education system in Sweden. Observing the
introduction of the school voucher system and a postmodern social
constructivist view of knowledge, the move away from objective
knowledge is identified as the core reason for Sweden's current
education crisis. The impact of declining education standards on
the labor market is also discussed. This book highlights the issues
seen in Sweden and suggests policies that can improve education in
the rest of the Western world as well. It will be relevant to
students and researchers interested in education and labor
economics.
Political economy has been at the core of entrepreneurship research
since its conception. Although the entrepreneur is frequently
regarded as the key figure in the capitalist system, academic
research in economics has for a long time overlooked the
entrepreneur in its analyses of growth. In terms of political
economy this neglect has been even more glaring. These volumes
bring together the most important contributions from a very
scattered and disparate research field. The collection provides
scholars, postgraduates, and students of economics and
entrepreneurship with a systematic exposition of a largely
undefined field of research.
This open access book examines the challenges and issues caused by
a move to a marketized education system in Sweden. Observing the
introduction of the school voucher system and a postmodern social
constructivist view of knowledge, the move away from objective
knowledge is identified as the core reason for Sweden's current
education crisis. The impact of declining education standards on
the labor market is also discussed. This book highlights the issues
seen in Sweden and suggests policies that can improve education in
the rest of the Western world as well. It will be relevant to
students and researchers interested in education and labor
economics.
This open access book builds on the European Union's (EU) Horizon
2020 project 'Financial and Institutional Reforms for an
Entrepreneurial Society' (FIRES). The authors outline how Europe
can move towards more inclusive, innovative and sustainable growth
through reforms that will rekindle its entrepreneurial spirit.
Based on decades of research and countless discussions with
stakeholders, the book also features the FIRES project's full list
of policy interventions and institutional reforms that can help
policymakers make that agenda a reality.
This book is open access under a CC BY 4.0 license. The authors of
this book advise the economies of the European Union to become more
entrepreneurial in promoting innovation and economic growth. The
authors propose a reform strategy with respect to several aspects
to achieve this goal. Starting with the rule of law and the
protection of property rights; the tax system; the authors deal
with regulations governing savings, capital and finance, and the
organization of labor markets and social insurance systems.
Framework strategies related to the regulations governing goods and
service markets, bankruptcy and insolvency are also put forward. A
core understanding and future path is also provided towards
R&D, commercialization and knowledge spillovers; human capital
investments; and informal institutions.
As economists and policymakers strive to understand the causes of
the global financial crisis, pinpointing the relationship between
government size and economic growth is crucial. In this incisive
economic study, Andreas Bergh and Magnus Henrekson find that in
wealthy countries, where government size is measured as total taxes
or total expenditure relative to GDP, there is a strong negative
correlation between government size and economic growth-where
government size increases by 10 percentage points, annual growth
rates decrease by 0.5 to 1 percent. Bergh and Henrekson stress that
statistical correlations, even when highly significant, are not
law. Some countries with high taxes enjoy above-average growth, and
some countries with small governments have stagnant economies. The
Scandinavian welfare states, for example, have enjoyed steady
growth over the last decade despite their large governments.
However, these nations compensate for high taxes by employing
market-friendly policies in other areas, such as trade openness and
inflation control. Government Size and Economic Growth concludes
that, in every case, economic freedom is a crucial determinant of
economic growth_suggesting that government intervention in the
marketplace may be the wrong approach to solving the economic
crisis.
The growing recognition of the extent to which institutions
determine economic outcomes has been one of the key developments in
economic research and policy analysis in the last two decades. At
the same time, the entrepreneur has made a comeback, resurrected as
one of the prime value creators in society. This comprehensive
title builds on Baumol's 1990 framework to categorize and classify
the growing research field that explores the interplay between
institutions and entrepreneurship. It also contains the unique
feature of examining the ways in which entrepreneurs themselves
shape institutions.
Competencies and Institutions Fostering High-Growth Firms examines
high-growth firms, also known as ""Gazelles"", which have become
critical to net job creation and economic growth. It analyzes how
the institutional framework - the ""rules of the game"" - affects
such firms, taking the theory of competence blocs as a point of
departure. The three institutional categories that are key areas
for the promotion of high growth firms include the tax system, the
organization oflabour markets and product market regulations. The
authors characterize institutions as either fostering dynamic
capitalism, by providing a favourable environment for the emergence
of competence blocs and the generation of high growth firms or
leading to ""sclerotic capitalism"" by failing to produce such an
environment. By analyzing high growth firms through the lens of the
theory of competence blocs, Competencies and Institutions Fostering
High-Growth Firms offers a more holistic view of economic growth.
Rapid firm growth is a complex process requiring a number of
complementary competencies. This analysis suggests that the
commercialization of innovations and generation of high growth
firms would be greatly facilitated if more product markets are
contestable and tax structures andlabour market institutions are
adjusted to stimulate the emergence of more effective competence
blocs.
Innovative Entrepreneurship as a Collaborative Effort: An
Institutional Framework synthesizes the authors previous work to
draw conclusions and identify new directions. It puts the spotlight
on collaborative innovation blocs (CIB) and improves our
understanding of how and why entrepreneurial plans are formulated
and revised over time. The authors envision an institutional
framework that improves the "antifragility" of CIBs and the
economic system as a whole, thus enabling individual CIBs and the
broader economic system to thrive when faced with adversity.
Section 2 discusses how and when collaborations occur in the market
order and identify entrepreneurship as an inherently collaborative
function. Section 3 describes the collaborative innovation bloc and
each of its skill components: entrepreneurs, inventors, early- and
later-stage-financiers, key personnel, and customers. Section 4
identifies the most important critical areas affecting CIBs, thus
demonstrating the usefulness of this perspective for understanding
when innovation comes (and does not come) about. The last section
discusses the key takeaways and limitations of the perspective
before highlighting fruitful avenues for future research.
Formal economic institutions that have been identified as
particularly important for entrepreneurship include the protection
of private property, tax codes, social insurance systems,
employment protection legislation, competition policy, trade
policies, capital market regulation, contract enforcement, and law
and order. Yet much remains to be learned concerning the
relationship between institutions and entrepreneurship.
Entrepreneurship and Institutions: A Bidirectional Relationship
argues that the view that institutions determine the extent to
which entrepreneurial activity is productive is only part of the
story. Rather, causality is bidirectional, in that entrepreneurship
is also, for better or for worse, one of the main drivers of
institutional change. After a brief introduction, Section 2
provides a precursory framework for institutions as functional
responses to deviations, followed by an introduction of the idea of
entrepreneurs as deviators. Section 3 begins by categorizing the
three entrepreneurial responses to institutions-abides, alter and
evade-before discussing the first two at greater length. The
subsequent two sections are devoted to evasive entrepreneurship
with Section 4 defining the concept and discussing the
institutional features that make it possible, while Section 5
describes its economic consequences and its potential to usher in
institutional change. Section 6 concludes by discussing the
implications of this work for policy and future research.
Owner-Level Taxes and Business Activity examines advances in both
theoretical and empirical research that paint a clearer picture of
the effects of owner-level taxation on business activity. Commonly
used macroeconomic models tend to find that taxes at the owner
level are "neutral" and have little or no effect on firm activity.
However, the conclusion that ownership taxation has no effect on
firm behaviour - and on entrepreneurship - is derived from models
based on unrealistic simplifications. When complex and more
realistic dimensions such as entrepreneurship and corporate
governance are incorporated into these models, taxes can affect
business activity through these channel. A key lesson from this
monograph is that the models used in economics are necessarily
simplified. Moreover, it is important for political decision makers
to be conscious of these simplifications when the conclusions
derived from economic models motivate or are used to justify tax
policy decisions. Conclusions from overly simplified models - such
as the model that concludes that dividend taxes do not influence
firm behaviour- may thus change when additional factors are
considered.
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