There is wide consensus that entrepreneurial talent is the ability to discover and exploit market opportunities by taking the relevant risky decisions. Discovery and exploitation are separate but interlinked features of entrepreneurship requiring, in different proportions, the exploitation of...

Although there is still no consensus on the causes of large differences in income per capita across countries, a growing literature considers culturally-based beliefs and institutions as main drivers of the latter differences (Guiso et al. 2006; Tabellini 2010). The intuition is that institutions...

The technology of cognitive and non-cognitive skills formation is characterized by the cumulative nature of learning processes and by the presence of significant complementarities and irreversibilities in the acquisition of such skills [Cunha and Heckman, 2007]. From this it follows that, in...