THE GLOBAL ENTREPRENEURSHIP AND DEVELOPMENT INDEX (GEDI)

This paper constructs a Global Entrepreneurship and Development Index (GEDI) that captures the contextual feature of entrepreneurship across countries. We find the relationship between entrepreneurship and economic development to be mildly S-shaped not U-shaped or Lshaped. We find that the stages of development are more varied at the innovation driven stage than at either the factor driven stage or the efficiency driven stage. Implications for public policy suggest that institutions need to be strengthened before entrepreneurial resource can be fully deployed. JEL codes: L2, O1, O3 The Global Entrepreneurship and Development Index (GEDI) Zoltan J. Acs School of Public Policy George Mason University Fairfax, VA, 22030, USA E-mail: zacs@gmu.edu Laszlo Szerb University of Pecs Faculty of Business and Economics Pecs, Rakoczi 80, H-7622, Hungary E-mail: szerb@ktk.pte.hu

[1]  F. Fukuyama.  The End of History? , 1989, The New Social Theory Reader.

[2]  P. Reynolds.  Entrepreneurship in the United States: The Future Is Now , 2010 .

[3]  Z. Acs.  High-Impact Entrepreneurship , 2010 .

[4]  Jason Clemens,et al.  A publication of The Fraser Institute STUDIES IN & ENTREPRENEURSHIPMARKETS Number 7 / June 2008 Measuring Entrepreneurship Conceptual Frameworks and Empirical Indicators , 2008 .

[5]  László Szerb,et al.  The Global Entrepreneurship Index (GEINDEX) , 2010 .

[6]  Mirjam van Praag,et al.  What is the value of entrepreneurship? A review of recent research , 2007, SSRN Electronic Journal.

[7]  C. Schramm.  Economic Fluidity: A Crucial Dimension of Economic Freedom , 2007 .

[8]  Richard S. J. Tol,et al.  The weakest link hypothesis for adaptive capacity: An empirical test , 2007 .

[9]  Roy Thurik,et al.  Determinants of entrepreneurial engagement levels in Europe and the US , 2008 .

[10]  Z. Ács,et al.  The knowledge spillover theory of entrepreneurship , 2005 .

[11]  E. Autio.  Global Entrepreneurship Monitor (Gem) - 2005 Report on High-Expectation Entrepreneurship , 2005 .

[12]  Attila Varga,et al.  Entrepreneurship, Agglomeration and Technological Change , 2005 .

[13]  G. Hofstede,et al.  Culture's Role in Entrepreneurship; Self-employment out of Dissatisfaction , 2004 .

[14]  E. Lazear.  Balanced Skills and Entrepreneurship , 2004 .

[15]  Roy Thurik,et al.  Post-Materialism: A Cultural Factor influencing Total Entrepreneurial Activity across Nations , 2004 .

[16]  Simon Johnson,et al.  Unbundling Institutions , 2003, Journal of Political Economy.

[17]  Gary Yohe,et al.  moving toward a working definition of adaptive capacity , 2002 .

[18]  Roy Thurik,et al.  Economic Development and Business Ownership: An Analysis Using Data of 23 OECD Countries in the Period 1976–1996 , 2002 .

[19]  David R. Nave,et al.  How to compare six sigma, lean and the theory of constraints , 2002 .

[20]  R. Rajan,et al.  Still the Weakest Link: The Domestic Financial System and Post-1998 Recovery in East Asia , 2001 .

[21]  Andrew J. Oswald,et al.  Latent entrepreneurship across nations , 2001 .

[22]  James A. Robinson,et al.  The Colonial Origins of Comparative Development: An Empirical Investigation , 2000 .

[23]  S. Shane,et al.  The Promise of Entrepreneurship as a Field of Research , 2000 .

[24]  H. Piwnica-Worms,et al.  Cell cycle: Fools rush in , 1999, Nature.

[25]  Roy Thurik,et al.  Linking Entrepreneurship and Economic Growth , 1999 .

[26]  David J. Storey,et al.  Cross-national Comparisons of the Variation in New Firm Formation Rates , 1994 .

[27]  D. Audretsch,et al.  Why Does the Self-Employment Rate Vary Across Countries and Over Time? , 1994 .

[28]  Howard E. Aldrich,et al.  Fools Rush in? The Institutional Context of Industry Creation , 1994 .

[29]  Abdul A. Rasheed,et al.  Configuration Research in Strategic Management: Key Issues and Suggestions , 1993 .

[30]  D. Huber,et al.  The goal: A process of ongoing improvement , 1993 .

[31]  D. North.  Institutions, Institutional Change and Economic Performance: Economic performance , 1990 .

[32]  W. Baumol.  Entrepreneurship: Productive, Unproductive, and Destructive , 1990, Journal of Political Economy.

[33]  W. Gartner.  What are we talking about when we talk about entrepreneurship , 1990 .

[34]  G. Harrison,et al.  An Experimental Evaluation of Weakest Link/Best Shot Models of Public Goods , 1989, Journal of Political Economy.

[35]  John Bulloch,et al.  ENTREPRENEURSHIP AND DEVELOPMENT , 1988 .

[36]  David J. Miller,et al.  Configurations of strategy and structure: Towards a synthesis , 1986 .

[37]  William C. Dunkelberg,et al.  Entrepreneurship and paths to business ownership , 1986 .

[38]  William B. Gartner,et al.  A Conceptual Framework for Describing the Phenomenon of New Venture Creation , 1985 .

[39]  Irma Adelman,et al.  A factor analysis of the interrelationship between social and political variables and per capita gro , 1965 .

[40]  A. Krueger,et al.  The Stages of Economic Growth: A Non-Communist Manifesto. , 1960 .

[41]  R. Solow.  TECHNICAL CHANGE AND THE AGGREGATE PRODUCTION FUNCTION , 1957 .