The study of entrepreneurship often focuses on the activities of the entrepreneur. While entrepreneurship is undertaken by individuals, the degree to which individuals are entrepreneurial, and the directions in which their entrepreneurial actions take, are the result of the institutional...

Why do some democracies persist while others break down? Some studies have suggested that economic development decreases the likelihood of authoritarian reversal, which is consistent with Milton Friedman's argument that economic freedom is necessary for political freedom. An empirical...

A substantial body of literature concludes that nations that maintain market institutions and have limited governments have higher economic growth rates and higher per capita incomes. This conclusion goes back at least to Adam Smith (1937 [1776]), and includes historical studies by Mokyr (1990)...

Recognition of a profit opportunity requires a framework of knowledge to place information about a profit opportunity in a context where it can be recognized. The same information about a profit opportunity could be revealed to many people, yet only a few with the appropriate knowledge will be...