转型型与生存型企业家：起源及其对经济增长的影响

Transformative and Subsistence Entrepreneurs:Origins and Impacts on Economic GrowthUfuk AkcigitHarun AlpJeremy PearceMarta Prato*June 26, 2025AbstractThis paper explores the symbiotic relationship between transformative entrepreneursand inventors, which is crucial for economic growth.We utilize microdata fromDenmark to demonstrate that while the relationship between IQ and general en-trepreneurship tends to be negative, it is strongly positive among transformativeentrepreneurs. Transformative entrepreneurs, often with higher IQ and educationlevels, significantly drive R&D and business growth, thereby providing substantialopportunities for inventors. In contrast, average entrepreneurs are more influencedby their family’s entrepreneurship background.Our economic model links thesedynamics to overall economic progress, highlighting how higher education influ-ences career paths in entrepreneurship and invention.We identify talent misal-location caused by unequal education access, particularly affecting lower-incomefamilies. Our findings indicate the most effective policies strengthen the interplaybetween higher education, innovation, and entrepreneurship to foster transforma-tive businesses and achieve long-run economic growth.Keywords:Entrepreneurship, R&D Policy, Innovation, IQ, Endogenous Growth.JEL Classification:O31, O38, O47, J24.*Author affiliations and contact information.Akcigit:University of Chicago,Department ofEconomics, NBER, & CEPR (uakcigit@uchicago.edu).Alp:Federal Reserve Board of Governors(harun.alp@frb.gov). Pearce: Federal Reserve Bank of New York (jeremy.pearce@ny.frb.org). Prato:Bocconi University, Department of Economics, IGIER and CEPR (marta.prato@unibocconi.it).Wewould like to thank Martin Junge and the Ministry of Science and Education for their invaluable sup-port and assistance throughout the project. We also thank our discussants, Marta Morazzoni and MortenSorenson, and seminar and conference participants at the NBER, SED, LAEF, Duke, New York Fed,Philadelphia Fed, St Louis Fed, UPenn, LSE, HBS, HKU, Oxford, Zurich, Stockholm, Vanderbilt, EIEFPizzanomics, the Swiss Macro Workshop, CEPR Joint IMO & ESF Workshop, Bristol MacroeconomicsWorkshop, Purdue, and Barcelona Summer Forum for helpful comments. The views in this paper aresolely the responsibility of the authors and should not be interpreted as reflecting the views of the Boardof Governors of the Federal Reserve System, the Federal Reserve Bank of New York, or any other personassociated with the Federal Reserve System. 1IntroductionA symbiotic relationship between entrepreneurs and inventors is essential for tech-nological progress.Yet, this symbiotic relationship depends on the nature of en-trepreneurs; unlikesubsistenceentrepreneurs who focus on day-to-day survival,trans-formativeentrepreneurs push boundaries by turning groundbreaking ideas into real-world applications.Without the visionary drive of transformative entrepreneurs, in-ventors would lack the commercial pathways needed to bring their innovations tomarket. Conversely, without inventors, transformative entrepreneurs would not haveaccess to the new technologies that underpin significant market disruptions.In thispaper, we explore the career choices of different types of entrepreneurs and inventorsand study the dynamic interplay among them.Specifically, we ask: Who becomes atransformative entrepreneur, and how does that path differ from becoming an inventoror subsistence entrepreneur?Is there talent misallocation in the economy?How dopolicies shape the distribution of talent among these occupations?We address these questions with novel microdata from Denmark on inventors, en-trepreneurs, and firms. We build a set of facts using detailed information on individualeducation, parental background, IQ, and firm performance. We embed these facts in anendogenous growth model, where heterogeneous individuals can become productionworkers, inventors, or entrepreneurs. This process generates the demand and supplyfor innovative talent, shaping aggregate innovation and economic growth. The quanti-fied model enables us to study innovation and education policies and their interactionwith talent allocation, firm growth, and economic growth.Figure1: R&D Worker andEntrepreneur byIQ0123456712Entrepreneur Share (per 100) 012345345678910R&D Worker Share (per 100)IQ DecilesEntrepreneurR&D Worker1 One striking fact at the center of our analysis is the allocation of talent betweenentrepreneurs and inventors by IQ, illustrated in Figure 1. It shows the share of indi-viduals who choose to become either R&D workers—inventors that are employed ininnovation-related occupations—or entrepreneurs by deciles of the distribution of IQtest scores, which we interpret as a proxy for ability. The likelihood of being an R&Dworker is increasing in IQ: the top decile is 20 times as likely as the bottom to become anR&D worker. On the contrary, the likelihood of being an entrepreneur declines with IQ,with the