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Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union

by Rafael Acevedo a, b, c, d  and  Maria Lorca-Susino b, e,*
a
Menard Family Center for Economic Inquiry, Creighton University, Omaha, NE, USA
b
Econintech, Miami, FL, USA
c
Department of Accounting, Economics, and Finance, University of Illinois, Springfield, IL, USA
d
School of Business, Western New Mexico University, Silver City, NM, USA
e
Department of Economics, University of Miami, Coral Gables, FL, USA
*
Author to whom correspondence should be addressed.
Received: 29 October 2024 / Accepted: 15 January 2025 / Published Online: 20 January 2025

Abstract

Economic growth rests on entrepreneurship and capitalism. Entrepreneurship is important because entrepreneurs work unceasingly to create, use, and disseminate new products and productive techniques to raise living standards. Capitalism is characterized by private property rights, a free market, and the pursuit of profit, which are driving forces for innovation and productivity and in turn economic growth. Using six proxies for economic growth, our results show that capitalism, measured by the Economic Freedom of the World Index, and entrepreneurship, measured by the Global Entrepreneurship Monitor data set, fostered economic growth in member states of the European Union between 2000 and 2021.


Copyright: © 2025 by Acevedo and Lorca-Susino. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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Menard Family Center for Economic Inquiry - Creighton University (N/A)

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ACS Style
Acevedo, R.; Lorca-Susino, M. Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union. Journal of Economic Analysis, 2025, 4, 98. https://doi.org/10.58567/jea04020001
AMA Style
Acevedo R, Lorca-Susino M. Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union. Journal of Economic Analysis; 2025, 4(2):98. https://doi.org/10.58567/jea04020001
Chicago/Turabian Style
Acevedo, Rafael; Lorca-Susino, Maria 2025. "Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union" Journal of Economic Analysis 4, no.2:98. https://doi.org/10.58567/jea04020001
APA style
Acevedo, R., & Lorca-Susino, M. (2025). Entrepreneurship: The Driving Force for Economic Growth in the Twenty-First Century in the European Union. Journal of Economic Analysis, 4(2), 98. https://doi.org/10.58567/jea04020001

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