Existing monetary growth theories predict either negative or neutral effects from inflation on human capital. In this paper we develop a simple alternative model, which can generate positive effects. Our empirical analysis for 93 countries in 1975-1995 tends to confirm these positive effects....

This paper shows that inflation crises may stimulate the accumulation of human kapital. A crucial idea is that high inflation undermines total factor productivity, which makes working and physical capital formation less attractive. If young agents consider high inflation to be temporary, they...

Although entrepreneurship scholars highlight bootstrapping as an important resource acquisition approach to respond to the inherent resource constraints which nascent ventures face, little is known about what causes nascent ventures to engage in bootstrapping. Theory highlights the environment...