Abstract
National Systems of Entrepreneurship (NSE) are resource allocation systems driven by opportunity pursuit at the individual level. We investigate whether and in what ways entrepreneurship and institutions represent the “missing link” in explaining cross country differences in economic growth; we consider institutions in combination in NSE as well as independently, hypothesizing that the former will dominate the latter. We test these ideas using data from GEM survey and institutional sources for 46 counties in 2002-2011. We find support for our hypothesis: the entrepreneurial ecosystem is found to significantly influence economic growth while institutions and agency independently are only marginally significant.
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