Demographics and Entrepreneurship
研究了人口年龄结构对创业活动的影响，发现中位年龄降低一个标准差可使新企业形成率提高2.5个百分点，老年社会各年龄段的创业率都更低。
Entrepreneurship requires energy and creativity as well as business acumen. Some factors that contribute to entrepreneurship decline with age, but business skills increase with experience in high-level positions. Having too many older workers in society slows entrepreneurship. When older workers occupy key positions, they block younger workers from acquiring skills. A theory is formulated and tested using the Global Entrepreneurship Monitor data. A one standard deviation decrease in a country’s median age increases new business formation by 2.5 percentage points, which is about 40 percent of the mean rate. Furthermore, older societies have lower rates of entrepreneurship at every age.