Belarusian Economic Research and Outreach Center

Entrepreneurial Activities as a Determinant of Economic Development

The impact of entrepreneurial activity on economic growth is not unconditional. At the same time, it is impossible to explain how technology or knowledge can determine total factor productivity without taking into account the role of entrepreneurial activity in innovation. The article examines the relationship between different types of entrepreneurial activity and economic development, as well as factors that determine the role of entrepreneurship in the economy. The author  emphasizes that in addition to formal institutional factors, such as legislation, informal factors are important for the development of the private sector – norms and values in society, which are formed, among other things, in the education system and within the framework of state policy to support entrepreneurship.

This paper is available only in Russian.