title: Evolution and the Growth Process: Natural Selection of Entrepreneurial Traits.
abstract: This research suggests that a Darwinian evolution of entrepreneurial spirit played a significant role in the process of economic development and the dynamics of inequality within and across societies. The study argues that entrepreneurial spirit evolved non-monotonically in the course of human history. In early stages of development, risk-tolerant, growth promoting traits generated an evolutionary advantage and their increased representation accelerated the pace of technological progress and the process of economic development. In mature stages of development, however, risk-averse traits gained an evolutionary advantage, diminishing the growth potential of advanced economies and contributing to convergence in economic growth across countries.
authors.affiliation: Brown University.
authors.forename: Oded
authors.initials: O
authors.lastname: Galor
authors.affiliation: Tufts University and the Institute for Advanced Study, Princeton.
authors.forename: Stelios
authors.initials: S
authors.lastname: Michalopoulos
keywords: Evolution; Growth; Natural Selection; Risk Aversion; Technological Progress
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