Working Paper No. 1049

Superentrepreneurship and Global Imbalances: Closing Europe's Gap to Other Industrialized Regions

Published: December 1, 2014, revised August 3, 2015Pages: 32Keywords: Entrepreneurship; Innovation; Institutions; Regulation; Self-employmentJEL-codes: L50; M13; O31; P14
Published version

Superentrepreneurship and Global Imbalances: Closing Europe's Gap to Other Industrialized Regions Magnus Henrekson and Tino Sanandaji

The overwhelming majority of self-employed individuals are not entrepreneurial in the Schumpeterian sense. To unmistakably identify Schumpeterian entrepreneurs, wefocus on self-made billionaires (in USD) from the Forbes Magazine list who became wealthy by founding new firms. In this way, we identify 996 billionaire entrepreneurs in over fifty countries during the
1996–2010 period. Interestingly, the rate of billionaire entrepreneurs per capita correlates negatively with self-employment rates.

Countries with higher incomes, higher trust, lower taxes, more venture capital investment and lower regulatory burdens have higher entrepreneurship rates but less self-employment. Europe has a higher self-employment rate than the United States and East Asia. At the same time, Europe has a lower entrepreneurship rate than competitor regions. Europe underperforms in entrepreneurship despite having advantages such as a skilled labour force, good infrastructure, large markets and strong performance in technological innovation.

Magnus Henrekson


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Sick of Inequality?

An Introduction to the Relationship between Inequality and Health

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In this book Andreas Bergh, Therese Nilsson, IFN and Lund University, and Daniel Waldenström, IFN and Paris School of Economics, France, review the latest research on the relationship between inequality and health. What does inequality mean for our health? Does increasing income inequality affect outcomes such as obesity, life expectancy and subjective well-being?


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