A Generalized Supply/Demand Approach to National Entrepreneurship: Examples from the United States and South Korea

Abstract

Using a generalized supply/demand model, this study empirically investigates how technology and economic policy explain the temporal variations in national entrepreneurial intensity in the United States and Korea. The results confirm the utility of this theoretical approach and reveal distinct patterns in national entrepreneurship that are driven by differences in opportunity (technological capital, economic concentration and competition policy), supply (labor market mobility and unemployment rate), and demand (venture capital and government financial support).

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