纽约联储-转型型和生存型企业家：起源及其对经济增长的影响（英）

Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth Ufuk Akcigit | Harun Alp | Jeremy Pearce | Marta Prato NO. 1166 SEPTEMBER 2025 Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth Ufuk Akcigit, Harun Alp, Jeremy Pearce, and Marta Prato Federal Reserve Bank of New York Staff Reports, no. 1166 September 2025 https://doi.org/10.59576/sr.1166 Abstract This paper studies how individuals sort into entrepreneurship and invention-related occupations and how their interactions shape innovation and economic growth. We develop an endogenous growth model in which occupational sorting jointly determines the supply of R&D talent and entrepreneurs’ demand for it. Empirically, using Danish microdata, we show that transformative entrepreneurs—those who hire R&D workers—tend to have higher IQ and education and build faster-growing firms than other entrepreneurs. Quantitatively, the estimated model indicates that financial barriers to education misallocate talent; alleviating them through education subsidies increases both demand and supply of R&D workers, raising innovation and long-run growth. Broad startup subsidies are ineffective. JEL classification: O31, O38, O47, J24 Key words: entrepreneurship, R&D policy, innovation, IQ, endogenous growth _________________ Pearce: Federal Reserve Bank of New York (email: jeremy.pearce@ny.frb.org). Akcigit: University of Chicago, Department of Economics, NBER, and CEPR (email: uakcigit@uchicago.edu). Alp: Federal Reserve Board of Governors (email: harun.alp@frb.gov). Prato: Bocconi University, Department of Economics, IGIER, and CEPR (marta.prato@unibocconi.it). The authors would like to thank Martin Junge and the Ministry of Science and Education for their invaluable support and assistance throughout the project. They also thank their discussants, Marta Morazzoni and Morten Sorenson, as well as 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, EIEF Pizzanomics, the Swiss Macro Workshop, CEPR Joint IMO & ESF Workshop, Bristol Macroeconomics Workshop, Purdue, and Barcelona Summer Forum for helpful comments. This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the author(s) and do not necessarily reflect the position of the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, or the Federal Reserve System. Any errors or omissions are the responsibility of the author(s). To view the authors’ disclosure statements, visit https://www.newyorkfed.org/research/staff_reports/sr1166.html. Transformative and Subsistence Entrepreneurs1IntroductionTechnological progress depends on the interaction between entrepreneurs