2013

Billionaires

Reprint No. 2013:10

Author(s): Tino Sanandaji and Peter T. LeesonYear: 2013 Title: Industrial and Corporate Change Volume (No.): 22 (1) Pages: 313–337
Preliminary version

Billionaires Tino Sanandaji and Peter T. Leeson


Existing studies of entrepreneurship focus on entrepreneurs whose individual contribution to wealth creation is typically trivial: self-employed persons. This article investigates entrepreneurs whose individual contribution to wealth creation is enormous: billionaires. We explore the relationship between economic development, institutions, and these contrasting kinds of entrepreneurs. We find that the institutions consistent with self-employed entrepreneurs differ markedly from the ones consistent with billionaires. Further, only the latter are consistent with the institutions that underlie economic prosperity. Where well-protected private property rights and supporting, market-enhancing institutions flourish, so do billionaires. But self-employed entrepreneurs do not. Where private property rights are weakly protected and interventionist institutions flourish, so do self-employed entrepreneurs. But billionaires do not.
 


Reference:
Sanandaji, Tino and Peter T. Leeson (2013), "Billionaires". Industrial and Corporate Change 22(1), 313–337.

Interdisciplinary European Studies

The European Union and the Return of the Nation State

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This book explores the complex and ever-changing relationship between the European Union and its member states. The recent surge in tension in this relationship has been prompted by the actions of some member state governments as they question fundamental EU values and principles and refuse to implement common decisions seemingly on the basis of narrowly defined national interests.

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