Abstract

CRUZ, José Neves  and  CARDOSO, Carla Sofia. Entrepreneurship, law and the institutional context. Economia Global e Gestão [online]. 2012, vol.17, n.1, pp.65-81. ISSN 0873-7444.

The present paper focuses on two assumptions that usually are implicit in entrepreneurship: I) it creates social value; II) it can be taught. Firstly, we stress some empirical literature pointing to the non rejection of the Baumol´s hypothesis about unproductive entrepreneurship. This result fosters a critical discussion of assumption I). Secondly, from the empirical literature about biologic factors of entrepreneurship, it is highlighted that hereditable factors play a role. The consequence is that genetics interferes with the learning processes of entrepreneurship. This is valuable for the discussion of assumption II). If it is not easy to increase the supply of entrepreneurs, and if not all entrepreneurship increase social value, instead of focusing on the quantity of entrepreneurship, the political agenda should attend to the institutional context and the legal framework that affects the allocation of entrepreneur resources between productive and unproductive entrepreneurship.

Keywords : Entrepreneurship; Economic and Financial Crime; Law; Biology; Governance.

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