ENTREPRENEURSHIP AND ECONOMIC DEVELOPMENT: A COMPARATIVE ANALYSIS OF DEVELOPED AND DEVELOPING COUNTRIES
Abstract
The stimulation of economic development is one of the key tasks for macroeconomic policy makers. In recent decades, entrepreneurship has become an increasingly important generator of economic development. Previous research shows that entrepreneurship is important for economic development, but contribution of entrepreneurship to economic development is diverse in countries with different degrees of development, due to the differences in characteristics of the macroeconomic environment, presence of different entrepreneurial activity forms and so on. This paper examines the impact of different types of entrepreneurship (OEA, NEA; HEA) on economic growth through the comparative analysis of developed and developing countries. The aim of this study is to investigate the differences in economic effects of entrepreneurship based on opportunity and entrepreneurship based on necessity. Furthermore, the article should propose measures for encouragement of economic development to macroeconomic policy makers. The analysis includes descriptive statistics, correlation and regression methods. The analysis was carried out by using SPSS software on a sample of 22 countries in three years. It has been shown that the contribution of entrepreneurship to economic development is higher in developed countries in comparison to developing countries. The reason for that fact is the domination of HEA and OEA entrepreneurship whose importance for GDP growth is higher in relation to the importance of NEA which is predominant in developing countries.
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