<p>Are Small Firms Important? Their Role and Impact proposes and supports the claim that small firms make two indispensable contributions to the economy. First, they are an integral part of the renewal process that pervades market economies. New and small firms play a crucial role in experimentation and innovation that leads to technological change, productivity and economic growth. Second, small firms are the essential mechanism by which millions enter the economic and social mainstream of American society. The public policy implications for sustained economic growth and social well-being is the continued high-level creation of new and small firms by all segments of society. It should be the role of government policy to facilitate that process by eliminating entry barriers, lowering transaction costs, and minimizing regulation. <br></p>

Are Small Firms Important? Their Role and Impact

Business & Money

Zoltan J. Acs

Economics

Springer

The Global Entrepreneurship and Development Index both captures the context features of entrepreneurship and fills a gap in the measurement of development. Building on recent advances in entrepreneurship and economic development, the authors have created an index that offers a measure of the quality of the business formation process in 118 of the most important countries in the world.The authors expertly capture the contextual feature of entrepreneurship by focusing on entrepreneurial attitudes, entrepreneurial abilities and entrepreneurial aspirations. The data and their contribution to the business formation process are supported by three decades of research into entrepreneurship across a host of countries. The unique index construction of individual and institutional measures integrates 31 variables from various data sources into 14 pillars, three sub-indexes and a 'super index'. The relationship between entrepreneurship and economic development appears to be more or less mildly S-shaped. The findings suggest moving away from simple measures of entrepreneurship across countries illustrating a U-shaped or L-shaped relationship to more complex measures, which are positively related to development. The model has important implications for development policy.This unique book will be invaluable for researchers, policymakers and entrepreneurs keen to expand their understanding of entrepreneurship and development.Contents: Foreword: Entrepreneurship and Global Growth, by Jack Goldstone Preface 1. Introduction to the 2013 Global Entrepreneurship and Development Index 2. Entrepreneurship and Public Policy: Towards National Systems of Entrepreneurship 3. Institutions, Incentives and Entrepreneurship, by Ruta Aidis and Saul Estrin 4. The Global Entrepreneurship and Development Index 5. The Role of Entrepreneurship and Economic Development 6. Methodology and Data Description 7. Country Standings

The Global Entrepreneurship and Development Index 2013

László Szerb

Erkko Autio

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