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.

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Martin Ljunge, IFN, is the author of a chapter, "Trust promotes health: addressing reverse causality by studying children of immigrants", in a new book edited by Sherman Folland and Eric Nauenberg. The cutting edge of research is presented, covering the ever-expanding social capital field.

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