Arbeitspapier
Globalization and the rise of the entrepreneurial economy
This paper argues that globalization has led to a shift in developed countries from an industrial to an entrepreneurial model of production. Globalization is interpreted as a level shock in the supply of unskilled labor to the world economy, a decrease in the level of political risk associated with outward foreign direct investment (offshoring), and the widespread diffusion of a general purpose technology such as ICT. The im-pact of these exogenous shocks is then analyzed in a variety expansion model that distinguishes among three types of varieties. Following the life cycle we distinguish among new, mature and offshore production. The above shocks all result in a shift in comparative advantage in developed countries towards new varieties which corres-pond to the early stage of the product life cycle. Moreover, because entrepreneurs serve as agents that move varieties between life cycle stages, their importance in-creases due to globalization. The many new opportunities for profit benefit entrepre-neurs and skilled labor. By contrast, factors of production employed in the mature stages of the life cycle become less important. Thus, the model explains the emer-gence of what we label an entrepreneurial economy.
- Sprache
-
Englisch
- Erschienen in
-
Series: Jena Economic Research Papers ; No. 2007,003
- Klassifikation
-
Wirtschaft
Global Outlook
Wage Level and Structure; Wage Differentials
- Thema
-
Globalisierung
Innovationswettbewerb
Produktlebenszyklus
Komparativer Kostenvorteil
Unternehmer
Industriestaaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Audretsch, David B.
Sanders, Mark
- Ereignis
-
Veröffentlichung
- (wer)
-
Friedrich Schiller University Jena and Max Planck Institute of Economics
- (wo)
-
Jena
- (wann)
-
2007
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Audretsch, David B.
- Sanders, Mark
- Friedrich Schiller University Jena and Max Planck Institute of Economics
Entstanden
- 2007
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