The basic hypothesis is that, while the total supply of entrepreneurs varies anlong societies, the productive contribution of the society's entrepreneurial activities varies much more because of their allocation between productive activities such as innovation and largely unproductive activities such as rent seeking or organized crime. This allocation is heavily influenced by the relative payoffs society offers to such activities. This implies that policy can influence the allocation of entrepreneurship more effectively than it can influence its supply. Historical evidence from ancient Rome. early China, and the Middle Ages and Renaissance in Europe is used to investigate the hypotheses. It is often assumed that an economy of private enterprise has an automatic bias towards innovation, but this is not so. It has a bias only towards profit. [HOBSBAWM 1969, p. 401 When conjectures are offered to explain historic slowdowns or great leaps in economic growth, there is the group of usual suspects that is I am very grateful for the generous support of the research underlying this paper

This paper develops a model based on Schumpeter's process of creative destruction. It departs from existing models of endogeneous growth in emphasizing obsolescence of old technologies induced by the accumulation of knowledge and the resulting process or industrial innovations. This has both

A series of studies was conducted to elucidate a phenomenon here referred to as the "illusion of control. " An illusion of control was denned as an ex-pectancy of a personal success probability inappropriately higher than the ob-jective probability would warrant. It was predicted

as Internet-Drafts. Internet-Drafts are draft documents valid for a maximum of six months and may be updated, replaced, or obsoleted by other documents at any time. It is inappropriate to use Internet- Drafts as reference material or to cite them other than as ‘‘work in progress.’’ The list of current

multi-input, multi-output feed-back control design for linear systems using the paradigms, theory, and tools of robust con-trol that have arisen during the past two decades. The book is aimed at graduate students and practicing engineers who have a basic knowledge of classical con-trol design

Most current approaches to concurrency control in database systems rely on locking of data objects as a control mechanism. In this paper, two families of nonlocking concurrency controls are presented. The methods used are “optimistic ” in the sense that they rely mainly on transaction backup as a

This paper analyzes the survival of organizations in which decision agents do not bear a major share of the wealth effects of their decisions. This is what the literature on large corporations calls separation of “ownership” and “control.” Such separation of decision and risk bearing

Social movements and human rights rhetoric in tobacco

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(but decreasing marginal) productivity of labor, reduced growth rates of labor income, excess capacity, and the requirement for downsizing and exit. The last two decades indicate corporate internal control systems have failed to deal effectively with these changes, especially slow growth