by Ryan Streeter on August 19, 2013. Follow Ryan on Twitter.
Carl Schramm, who’s done more than anyone over the past decade to increase our knowledge about entrepreneurship, writes the following in a paper delivered to the American Philosophical Society:
Perhaps we need public policy that is focused not so much on formal schooling but, rather, on how to stimulate individual creativity and provide the means, as yet unknown, to translate innovation into yet more productive contributions to society’s welfare. At best we know that entrepreneurship is one means to induce commercial creativity. But, as yet, we do not know how to increase the number of entrepreneurs in society. It is, however, apparent that a rich society can find itself very poor in other dimensions if its citizens do not know how to use their leisure time in constructive ways that reward their innate curiosity and contribute to the general welfare.
The paper, entitled “Entrepreneurship and Global Prosperity: Implications for Poverty and Peace,” is well worth the read. You can read the whole thing here (PDF).