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Research Institute of Industrial Economics (IFN) Working Paper Series

No 893:
Billionaires

Peter Leeson and Tino Sanandaji ()

Abstract: Existing studies of entrepreneurship focus on entrepreneurs whose individual contribution to wealth creation is typically trivial: self-employed persons. This paper investigates entrepreneurs whose individual contribution to wealth creation is enormous: billionaires. We explore the relationship between economic development, institutions, and these contrasting kinds of entrepreneurs. We find that the institutions consistent with self-employed entrepreneurs di¤er markedly from the ones consistent with billionaires. Further, only the latter are consistent with the institutions that underlie economic prosperity. Where well-protected private property rights and supporting, market-enhancing institutions flourish, so do billionaires. But self-employed entrepreneurs don't. Where private property rights are weakly protected and interventionist institutions flourish, so do self-employed entrepreneurs. But billionaires don't.

Keywords: Billionaires; Entrepreneurship; Self-employment; Institutions; (follow links to similar papers)

JEL-Codes: H20; L26; L53; O17; (follow links to similar papers)

30 pages, January 2, 2012

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This paper is published as:
Leeson, Peter and Tino Sanandaji, (2013), 'Billionaires', Industrial and Corporate Change, Vol. 22, No. 1, pages 313-337



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