Abstract
The modern temple of economic development is like many temples of the ancient world: Both are held up by pillars. Like the pillars of ancient temples—made of sand and limestone held together by cement—the pillars of economic development are made of individuals and institutions that are held together by the “cement” of incentives created by institutions that influence the behavior of people. Economic development rests on these pillars of development, which hold up three large building blocks consisting of attitudes toward entrepreneurship, entrepreneurial abilities, and entrepreneurial aspirations. The pillars must be of similar height and strength for a fully developed economy to flourish, and they need constant attention, continuous improvement, and careful maintenance.
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