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Journal Article

Imitation, Entrepreneurship, and Long-Run Growth

James A. Schmitz, Jr.
Journal of Political Economy
Vol. 97, No. 3 (Jun., 1989), pp. 721-739
Stable URL: http://www.jstor.org/stable/1830463
Page Count: 19
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Imitation, Entrepreneurship, and Long-Run Growth
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Abstract

Despite the widespread belief that entrepreneurship is a key factor in economic development, there have been few attempts to develop formal models to analyze the phenomenon. This paper presents a model in which endogenous entrepreneurial activity is a key determinant of economic growth. The theory also differs from standard models in that growth is driven by the imitative activities of entrepreneurs. Previous theories have focused on the direct production of knowledge, underemphasizing the importance of imitation in the growth process. The paper also examines external effects arising from these entrepreneurial activities--effects distinct from those studied by Paul Romer.

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