Steve Bradley and Peter Klein publish paper with Academy of Management: Institutions, Economic Freedom, and Entrepreneurship: The Contribution of Management Scholarship
Entrepreneurship is regarded as key to economic growth, job creation, and greater prosperity. Indeed, entrepreneurship drives net job growth in the United States, the European Union, and some Asian countries. Yet the United States has experienced a decline in entrepreneurial dynamism since the 1970s, and some European countries continue to struggle to build a culture of entrepreneurship despite significant policy efforts. At the same time many developing countries are experiencing a net rise in entrepreneurial activity, leading many to wonder about a specific aspect of the institutional environment, what the economics and public policy literatures call economic freedom (EF): a summary measure capturing the freedom to engage in economic activity without undue restrictions or subsidies. The papers in this symposium focus on EF, each offering a specific perspective on how scholars can theorize and study the effects of institutions and institutional change on entrepreneurship, and the effects of entrepreneurship on institutions, at and across different levels of analysis.
Boris Nikolaev publishes paper with Daniel L. Bennett: Factor endowments, the rule of law and structural inequality
This paper provides an empirical test of the Engerman–Sokoloff hypothesis that factor endowments influenced the development of the rule of law, which in turn has perpetuated income inequality. Using a measure of the suitability of land for growing wheat relative to sugarcane as an instrument for the rule of law, as measured by area 2 of the Economic Freedom of the World index, we estimate the potential causal impact of the rule of law on the long-run net income inequality. Conditioning on geography, ethnolinguistic fractionalization and legal tradition, the rule of law exerts a negative impact on inequality that is both economically and statistically significant. The results are robust to additional control variables, two alternative measures of the rule of law, an alternative instrumental variable and the exclusion of strategic country samples and outliers.
Boris Nikolaev publishes paper with Daniel L. Bennett: Give me liberty and give me control: Economic freedom, control perceptions and the paradox of choice
We explore the relationship between individual control perceptions and the degree to which a country's institutions and policies are consistent with the principles of economic freedom. Using data from the World Values Surveys (WVS) and the Economic Freedom of the World (EFW) index, we find that people living in more economically free countries are more likely to perceive greater control over their lives. This effect is not diminishing at higher levels of economic freedom. One possible channel that explains this relationship is the perception of procedural fairness and social mobility. Decomposing the EFW index, we further find that the area of sound money is what drives the results.
Boris Nikolaev publishes paper: Does other people's education make us less happy?
A growing body of literature suggests that the extent to which people feel happy with their lives depends, at least partially, on how they compare to those around them. Much of this literature, however, has focused on the relative effect of income on happiness while other factors such as education, marriage, or leisure have received less attention. In this study, I extend this line of inquiry by investigating how individuals' level of education, as well as the average level of education of their reference group, influences their happiness. Using longitudinal data from the Household Income and Labour Dynamics in Australia (HILDA) survey, I find that, even after controlling for an individual's own education, higher reference group education is associated with lower levels of happiness. More educated people, however, are found to be less affected by social comparison. The panel nature of the HILDA dataset, and additional tests, indicate that the negative association between happiness and reference group education is not driven by people's (changing) interpretations of the happiness scale, self-selection, or the income of their reference group. Additional robustness tests show that the results are not sensitive to variations in the definition of a reference group.
Boris Nikolaev publishes paper with Daniel L. Bennett: Economic Freedom & Happiness Inequality: Friends or Foes
This article examines the relationship between economic freedom and happiness inequality for a large sample of countries. We find that economic freedom is negatively associated with happiness inequality and robust to several alternative measures of happiness inequality, including the standard deviation, mean absolute difference, coefficient of variation, and Gini coefficient. Among the economic freedom areas, legal system and sound money are negatively correlated with happiness inequality. Drawing on the Engerman-Sokoloff hypothesis, we use a measure of factor endowments as an instrument for economic freedom to provide a further robustness test, finding a negative association between economic freedom and happiness inequality. (JEL D63, I31, P16)
Peter Klein speaks at Mises University Conference
Dr. Klein speaks on the topic of entrepreneurship at the 30th anniversary of the Mises University Conference.
Peter Klein to be Workshop Panelist at Strategic Management Society Berlin Conference
Knowledge and Innovation, Cooperative Strategy, and Entrepreneurship Paper Development and Future Research Directions Workshop
Baugh Center for Entrepreneurship & Free Enterprise Now Accepting Applications for the Fall 2016 McLane Scholars Program
The Baugh Center for Entrepreneurship & Free Enterprise supports the intellectual development of undergraduate students interested in the intersections of entrepreneurship, economics, and public policy. The Baugh Center is pleased to invite applications to the McLane Teammates Scholar Program for the Fall 2016 semester.
Peter Klein quoted in article via The Heartland Institute
Peter Klein, Ph.D., professor of entrepreneurship in the Hankamer School of Business and senior fellow in Baylor’s Baugh Center for Entrepreneurship and Free Enterprise, is quoted in this article about New York lawmakers approving a bill that prohibits the advertising of short-term housing rentals in apartment and other spaces.
Baylor Entrepreneurship in Uganda: Building Business from the Ground Up
Dr. Steve Bradley leads team and travels to Kampala, Uganda with seed money to establish partnerships with Ben Kibumba and Come Let's Dance.
Peter Klein publishes paper with Harvey S. James and Desmond Ng: Complexity, novelty, and ethical judgement by entrepreneurs
How do individual characteristics and the business environment affect the ethical judgement of entrepreneurs?
Dr. Boris Nikolaev Joins Baugh Center Research Team
Dr. Nikolaev joined Baylor University as a research professor at the Baugh Center for Entrepreneurship and Free Enterprise from Emory University’s Oxford College.
Baylor Grad to Intern at Ewing Marion Kauffman Foundation
Kevin Renois (2016 BBA Social Entrepreneurship, Public Administration) accepted an internship opportunity at Ewing Marion Kauffman Foundation in Kansas City, Missouri.
Peter Klein discusses "The Role of Entrepreneurship in the Economy" on Wake Up Call Podcast
Dr. Peter Klein joins Adam Camac to discuss entrepreneurship, the role of entrepreneurship in the economy, and the economic significance of profits, firms, mergers, and acquisitions.
Peter Klein pens paper: My Contributions to Entrepreneurship Theory
Summarizing contributions to entrepreneurship theory, focusing on the links between contemporary entrepreneurship research, the "Austrian" understanding of markets and prices, and the economic theory of the firm.
Matt Wood Awarded Tenure
Baylor’s Hankamer School of Business bestows faculty awards on an annual basis. The winners were announced at the Senior Appreciation Banquet April 20.
Peter Klein Receives Brent Clum Outstanding Research Award
This is recognition is given to a tenured faculty member who displays excellence through published research.
Steve Bradley Interviewed by WalletHub...Ask the Experts
Steve Bradley offers insight into starting a business in a small city, "Cities can build off of their strengths - location, cost, amenities and currently successful companies to attract other businesses."
Bradley, Wood and Bylund Publish Research Paper: The Influence of Tax and Regulatory Policies on Entrepreneurs' Opportunity Evaluation Decisions
The purpose of this paper is to investigate effects of policy initiatives on entrepreneurs’ opportunity evaluation decisions.
Peter Klein named Economics Field Editor for the Journal of Business Venturing
Peter Klein, Professor of Entrepreneurship and Baugh Center Senior Research Fellow, was named Economics Field Editor for the Journal of Business Venturing, one of the top-ranked academic journals specializing in entrepreneurship and innovation. Klein also serves as an Associate Editor for the Academy of Management Perspectives.
Peter Klein gives lectures at Universidad Francisco Marroquín in Guatemala
Peter Klein, Professor of Entrepreneurship and Baugh Center Senior Research Fellow, gave a series of invited lectures at Universidad Francisco Marroquín in Guatemala in March 2016. Klein also serves as an adviser for UFM’s new PhD program in economics.
Peter Klein gives plenary address at BYU-Utah Winter Strategy Conference
Peter Klein, Professor of Entrepreneurship and Baugh Center Senior Research Fellow, gave one of the plenary addresses at the BYU-Utah Winter Strategy Conference.
Plenary Session: Stakeholder Theory & Strategic Management - "The Role of Ownership in Strategy Research."
Virgil Storr Discusses the Role of Entrepreneurs as Leaders in the Aftermath of Natural Disasters
Virgil Storr, Ph.D., senior research fellow at the Mercatus Center, will give a lecture on his most recent book, "Community Revival in the Wake of Disaster: Lessons in Local Entrepreneurship," from 5:15 to 6:30 p.m. on Tuesday, Feb. 23, in Room 240 of the Paul L. Foster Campus for Business and Innovation.
Dr. Steve Bradley pens Op-Ed: Loosening Restrictions on Traditional Banks is Sure Start to Reforming Payday-Lending Practices
Well-intentioned actions by government agencies, churches or nonprofits have often hurt the poor that they were trying to help.
Ugandan Entrepreneur, Ben Kibumba Inspires Social Entrepreneurship Students
Director of Come Let's Dance, Ben Kibumba shares message of inspiration and motivation with students.
Entrepreneurship Ph.D. program starting in 2016
The Baylor University Board of Regents voted to establish a new Ph.D. program in entrepreneurship in the Hankamer School of Business today. The program will start in 2016.
Michael Hendrix, Research Director for Chamber of Commerce Foundation, addresses Baylor Student Leaders on Behalf of AEI
Hendrix offers fascinating insight into the current business climate, including a discussion on which cities are best for small business owners to find opportunity.
Dr. Wood Co-Authors Study: Not all Investors are Created Equal
It may soon be easier than ever to raise thousands, even millions of dollars for a new startup idea. But when it comes to choosing investors, founders should beware that not all “angels” are created equal.
Ben Kibumba, Founder of Uganda’s Come Let's Dance, to Speak on Entrepreneurial Opportunities in Africa
Baylor University’s Free Enterprise program in the Hankamer School of Business will welcome Ben Kibumba, executive director of Come Let’s Dance – Uganda and pastor of Light The World Church in Nansana, Uganda, for lectures at 9:30 a.m. and 11 a.m. Thursday, Nov. 19, in the Paul L. Foster Campus for Business and Innovation, Room 214.
Baugh Center for Entrepreneurship & Free Enterprise Receives $69,000 Continuing Grant for McLane Scholars Reading Program
The Free Enterprise area within the John F. Baugh Center for Entrepreneurship and Free Enterprise is excited to announce the McLane Teammates Scholar Program recently received a $69k grant from Grady Rosier and the McLane Company.
Baylor Knowledge & Social Capital: Dan McReynolds, Local Entrepreneur and Venture Capitalist, Shares How Baylor Degrees Shaped His Varied Career
Baylor graduate, Dan McReynolds holds a BBA in economics and finance from Hankamer School of Business and a Juris Doctorate from Baylor Law School. By all accounts, he is considered quite successful in his endeavors since his days at Baylor.
Baylor Undergraduate Poverty Research Garners Attention Beyond Waco
Chicago native, Tara Funk graduated from Baylor in 2014 with majors in Baylor business fellows and management and minors in biochemistry and biology. While at Baylor, Funk worked on her business fellows thesis with the direction of Dr. Steven Bradley, faculty director and assistant professor in Free Enterprise at the Baugh Center.
Dr. Bradley Studies the Success of the Microfinanced Entrepreneur
Study suggests that business owners with spiritual capital may be perceived as being more trustworthy.
Dr. Bylund featured in YFS Magazine
In his article published today at YFS (Young, Fabulous, and Self-employed) Magazine, Dr. Bylund argues that a flat organizational structure is highly productive. Bylund provides 3 ways to "ditch" hierarchy and improve company performance.
Dr. Bylund featured in OC Register
Entering the discussion on automation/robots and the future of employment, Dr. Bylund argues that robots, machines, and the "loss" of jobs is a good thing. We want to work as little as possible for as much as possible. The way toward a more prosperous future goes through innovation and automation.
Dr. Bylund featured on the Library of Law & Liberty web site
Discussing the recent political push for raising the minimum wage, Dr. Per Bylund argues the minimum wage would destroy the labor market.
Dr. Bylund featured on Startups.co
What do Karl Marx and Monday mornings have in common? Considering how most people feel on Monday mornings, Marx and Mondays are more connected than you’d think. Says Dr. Per Bylund.
Dr. Bylund featured on Samaritan Ministries
Samaritan Ministries published an essay by Dr. Bylund on Obamacare: What Sweden Can Teach Us About the Affordable Care Act.
The Baugh Center in Europe
Over a four-week period in April and May the Baugh Center participated in three international conferences and four private university seminars in four countries in Europe.
Baylor Free Enterprise Hosts First Regulation Round Table
The first installment of an expected series of Regulation Roundtable Luncheons was hosted by the Baugh Center on Thursday. Well over 30 local business men and women attended the luncheon and engaged in a lively discussion aimed at building a bridge between business practice and academic research.
Baylor's McLane Scholars attend "Weekend Exploring Liberty" conference
Last March, 12 students from Baylor (including myself) and a professor spent our first weekend of spring break in a non-traditional (but very rewarding) place - in a classroom [for a “Weekend Exploring Liberty” conference].
Arthur Brooks, president of AEI, speaks on Capitalism Without Attachment: Creating a Prosperous Society Without Losing Our Souls
Arthur Brooks, president of AEI, speaks on "Capitalism Without Attachment: Creating a Prosperous Society Without Losing Our Souls" to over 500 students and faculty
Dr. Bylund featured in Techli
Baylor Free Enterprise Announces a $10,000 Award for NACRA Case Competition Winner
Dr. Bylund featured in Middle Market Executive
New book edited by Dr. Bylund
March 13 saw the release of a new book edited by Dr. Bylund together with Dr. David Howden at St. Louis University, Madrid. The book, with the title The Next Generation of Austrian Economics: Essays in Honor of Joseph T. Salerno, is a collection of essays on economic theory in the Austrian tradition by junior scholars from universities around the world. The book was released at the Austrian Economics Research Conference in Auburn, Alabama.
Dr. Bylund awarded Lawrence A. Fertig Prize
The Lawrence A. Fertig Prize, "for the scholarly article published during 2014 that best advances economic science in the Austrian tradition," was awarded Dr. Per Bylund at the Austrian Economics Research Conference held at the Mises Institute in Auburn, Alabama, 3/12-14.
Student Fellow Danny Huizinga Refutes Claims of Mimimum Wage Hike Proponents
Student Fellow Danny Huizinga Refutes Claims of Minimum Wage Hike Proponents
Dr. Bylund interviewed by IdeaMensch
In his interview, Dr. Bylund stresses the connection between theory and practice, researchers and practitioners, and how we aim for our research to be relevant and valuable to entrepreneurs and business leaders.
The Past and Future of Obamacare
This article was written by Danny Huizinga, a senior and AEI Executive Council member at Baylor University.
On Tuesday, Thomas Miller, a health policy expert from the American Enterprise Institute in Washington, DC, spoke at Baylor University about the past and future of Obamacare.
Leadership Dinner at Baylor University
On Tuesday evening, November 11th, the John F. Baugh Center for Entrepreneurship and Free Enterprise (based in the Hankamer School of Business at Baylor University) had the honor of hosting a student leadership dinner with a speaker from the American Enterprise Institute (AEI) in Washington, DC.
Baugh Center Hosts Visit with Swedish Ohlin Institute
Several Baylor business faculty met with Gabriel Ehrling and Anders Ronmark of the Ohlin Institute on October 29th to discuss similarities and differences between Swedish and U.S. political involvement.
Why We Buy What We Don’t Need: Well-Known Cultural Critic Virginia Postrel Visits Baylor
Virginia Postrel, author of several books and former editor of Reason magazine, visited Baylor University and the Baugh Center on Tuesday. Known for her cultural critique and optimistic view on technology and development, Postrel demonstrated how the market economy includes an intimate connection between economic or functional value and design, culture, and feeling.
From Mail To Money – How Able Helps Small Businesses
Dr. McCormick featured in Forbes Magazine on what Freshmen know
Today's freshmen know little about how life was lived before the 21st century. This article offers six areas where current freshmen knowledge offers both opportunities – and dangers – for the US economy.
Collaborative Credit: Start-up Able Using the Wisdom of the Crowd to Fund Business Growth
Will Davis and Evan Baehr, Austin tech entrepreneurs and co-founders of collaborative lending startup Able, visited Baylor University and the Baugh Center on Monday to share with students and faculty. Their collaborative lending business joins a wave of peer to peer businesses using technology to connect individuals needing to share or trade resources – often at a significantly lower cost than current market competitors.
Dr. Bylund invited to serve on the Strategic Entrepreneurship Journal’s editorial board
Dr. Bylund has been invited to serve on the Strategic Entrepreneurship Journal’s editorial board. He will serve a 3-year term beginning 9/1 2014.
Dr. McCormick featured in Forbes Magazine on the importance of opportunity cost
Franklin never said, “A penny saved is a penny earned.” Saving a penny in Franklin’s mind meant rescuing the penny from wasted alternatives –like “being saved” from a life of drunkenness.
Danny Huizinga Appointed First Student Fellow
Danny Huizinga, a senior Economics and Finance major, has been selected as our first student fellow for 2014-2015.
Dr. Benjamin Powell of Texas Tech University Presents His Book “Out of Poverty: Sweatshops in the Global Economy”
Dr. Benjamin Powell of Texas Tech University presents evidence of sweatshops benefits for the poor
Dr. Per Bylund Member Named Top Economics Author
Per Bylund, research professor at the John F. Baugh Center for Entrepreneurship & Free Enterprise, was recently awarded a position in the top 22 percent of economics authors by the Social Science Research Network (SSRN).
Dr. Per Bylund in Wall Street Journal on Swedish Healthcare and Obamacare
President Obama has declared the Affordable Care Act a success—a reform that is "here to stay." The question remains, however: What should we expect to come out of it, and do we want the effects to stay? If the experiences of Sweden and other countries with universal health care are any indication, patients will soon start to see very long wait times and difficulty getting access to care...
Sweden is praised as a rare example of a socialist country that works. A closer look at its health-care system tells a different story. It is possible to have truly affordable, qualitative and accessible care. But the only way to get this result is through a system where providers freely compete with each other to lower costs and raise quality. There is no short cut to well-functioning, affordable health care. Sweden's undesirable experience shows this very clearly.
Mr. Bylund is a professor at the Hankamer School of Business at Baylor University. A citizen of Sweden, he served on the Österåkers Kommun municipal council in Stockholm County from 1998-2000.
Dr. McCormick Featured in RealClearMarkets.com on Failed Crony Subsidies
Dr. Lucas Rentschler of Guatemala’s Universidad Francisco Marroquin (UFM) on “Liberty in Central America: Education, Policy and Politics”.
Dr. Lucas Rentschler presented on his teaching and research in free enterprise in Latin America explaining the unique role that Guatemala’s Universidad Francisco Marroquin (UFM) plays in economic development and policy for the country.
Nobel Laureate Vernon Smith Visits Baylor
In an exclusive meeting with Baugh Center researchers, the 2002 Nobel Laureate Vernon Smith shared how experimental research techniques lead to groundbreaking ideas.
Dr. Jim Riordan On Market-based Solutions to Job Creation
Development Economist Dr. Jim Riordan discussed with Baylor Entrepreneurship students how to create jobs in developing countries
Noted Lecturer and Author, Os Guinness, Visits Baylor
Dr. Os Guinness discussed ideas from his recent book, "A Free People's Suicide: Sustainable Freedom and the American Future."