Schumpeter is a sort of patron saint in this field. I may be alone in thinking that he should be treated like a patron saint: paraded around one day each year and more or less ignored the rest of the time.
Robert M. Solow (1994, p. 52)
Key Steps to Promote Entrepreneurship and Growth
|1. Peace and stability||Establish a credible political system that ensures legitimacy and continuity|
(civil strife and war are not conducive to economic development).
|2. Governance and the rule of law||Maintain law and order, enforce property rights; avoid capricious changes|
in the legal and regulatory framework; promote accountability; set up
credible judiciary system; weed out corruption.
|3. Mentality||Drum up support for economic and social reforms, encourage innovation,|
and place economic success at the forefront of the political discourse.
|4. Economic incentives||Adopt sound economic policies, including hard budget constraints, open|
competition, a neutral tax system, no nontariff barriers and low tariffs,
basic protection for FDI, etc.
|5. Basic infrastructure||Ensure the provision of a minimum array of public services, especially as|
regards the transportation network and utilities
|6. Access to capital||Develop efficient financial intermediation systems; mobilize external|
savings, but with prudent debt management.
|7. Education||Build up human capital—raise literacy and gain access to up-to-date|
knowledge (promote adaptability and inventiveness).