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By Audretsch D.B., Thurik R., Verheul I.

Offers such an analytical compass for steering how public rules form and advertise entrepreneurship. crucial for financial progress, activity construction, and foreign competitiveness.

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Audretsch and Thurik (2001) make a distinction between the ‘managed economy’ and the ‘entrepreneurial economy’. The study by Carree et al. (2001) also shows that countries where the rate of business ownership does not equal the equilibrium rate suffer from a lower rate of macro-economic growth. In this respect the equilibrium level can also be interpreted as an ‘optimal’ level. Finally, it is shown that both market forces and government intervention can restore the equilibrium. 2 Restoring Equilibrium Many forces may cause the actual number of entrepreneurs to differ from the long-term equilibrium rate (Carree, Van Stel, Thurik and Wennekers, 2001).

For example, the taxation of dividends may result in the reliance on retained earnings when financing expansion. This inhibits a flow of capital in the most promising projects. Moreover, capital tax on new equity can discourage equity financing and high payroll taxes make it difficult for entrepreneurs to hire labor at a price that corresponds with the value of the employee to the entrepreneur. Additionally, Davis and Henrekson (1999) contend that the tax system can introduce distortions. For example: tax exemption rules in Sweden, favoring capital-intensive manufacturing industries, have tilted the size distribution away from high potential enterprises towards large firms.

Increasing prosperity leads both to a more differentiated demand for goods and services (more luxurious products) and a demand for new goods and services. Regarding the latter, technological developments create a supply in new goods and services and the joint effect of the supply and the demand for these new products leads to more entrepreneurship. However, the causality between the demand and supply of new goods and services is not clear. On the one hand, technological developments can lead to the supply of new goods and services and the mere exposure of people to these new products can lead to the creation of new wants, as existing goods and services can no longer satisfy consumers.

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