Household Inequality, Entrepreneurial Dynamism, and Corporate Financing
研究了家庭财富不平等如何影响创业活力，发现财富不平等会降低企业进入和退出率、高科技企业比例以及教育等公共品供给，进而拖累人均收入增长。
Abstract Economic theories posit conflicting hypotheses on how wealth inequality affects entrepre-neurial dynamism. We investigate the impact of wealth inequality on business dynamics by constructing local measures of household wealth inequality based on financial rents, home equity, and 1880 farmland. We then identify the effect of wealth inequality on entrepre-neurship by instrumenting it with land distribution under the 1862 Homestead Act. Wealth inequality decreases firm entry and exit, and the proportion of high-tech businesses across metropolitan statistical areas. Wealth inequality also lowers the supply of public goods, such as education. Growth in income per capita consequently lags.