The international literature on the connection between entrepreneurship and economic growth has followed multiple paths.
From the specific perspective of the study of sustainable economic development one of the most interesting segment of entrepreneurial research is that which focuses on the historical and political economy determinants for the dissemination of productive entrepreneurship, I.e that type of entrepreneurship which is beneficial for society as a whole and furthermore an important prerequisite for long term sustainable development.
Ever since the publication of William Baumol’s seminal article in the Journal of Political Economy (1990) awareness about what the author coined ‘productive entrepreneurship’ has increased. In particular attention has turned to the legal- political -economic environment (‘the rules of the game’) and how the latter affect whether the direction of entrepreneurial actions will be of a productive or an unproductive and rent-seeking orientation.
A seminal question for MED-SEC is: Where does Greece and more generally Mediterranean countries stand today in regard to the adoption of productive entrepreneurship practices?
There is a diversity of experiences at the Mediterranean level. At the moment, as far as Greece is concerned, recent research at the Athens University of Economics and Business (AUEB) has shown that the economic crisis acted as a shock which triggered the creation of a new entrepreneurial ecosystem that is productive, outward looking and knowledge intensive. Though still relatively small and fragile it offers hope for a more sustainable development as it is far removed from the traditional rent-seeking based entrepreneurship perennially prevalent in Greece.
MED-SEC is seeking to explore the enhancement of ties between this new local ecosystem and the leading innovative entrepreneurship hubs in the Mediterranean region.
William J. Baumol (1990). ‘Entrepreneurship: Productive, Unproductive and Destructive’, Journal of Political Economy ,Vol. 98, No. 5, Part 1 (Oct), pp. 893-921
Youssef Cassis and Ioanna Pepelasis Minoglou (eds, 2005). Entrepreneurship in Theory and History. Palgrave MacMillan.
Ioanna Sapfo Pepelasis and Aimilia Progerou, (2016). ‘A break with the past? The shift from inward looking to internationally competitive and born global firms in Greece during the Crisis’ Jean Monnet Seminar, AUEB, April, 13.
Gabriel Tortella and Gloria Quiroga eds (2013). Entrepreneurship and Growth : An International Historical Perspective, Palgrave Macmillan.