The Role of Institutions of Private Property Rights and Money in Entreprenurial Discovery

This paper examines the influence of private property rights and monies on entrepreneurial discovery. A framework is presented and tested, which views these two institutions as key determinants of entrepreneurial discovery. Using several measures as proxies for their influence, two variables, minimum wage legislation and percentage government employment, support the idea that private property rights and monies are associated with entrepreneurial discovery as indicated by business starts, failures, patents and bankruptcy.