The Impact Of Entrepreneurship On Economic Growth In Industrialized Countries Covering 2001-2019

Abstract

This paper aims to examine the impact of entrepreneurship on economic growth, using GDP per person employed as dependent variable, and entrepreneurship computed by Total Early-Stage Entrepreneurial Activity (TEA), Financing for Entrepreneurs (FNCENT), and Government Entrepreneurship Programs (GEP) as independent variables; and other control variables. The data consists of 28 industrialized countriescovering 2001–2019. The estimation results of an augmented Solow panel data model of 28 industrialized countries covering 2001–2019, reached to a significantly negative impact only of (TEA) in the in static model. While the dynamic panel GMM estimation indicates a significantly negative impact of (TEA), and a significantly positive impact of (GEP).