Relationship Between Organizations, Institutions, Entrepreneurship and Economic Growth Process

The main goal of this paper is to show that organizations and institutions play a relevant role in the economic growth process, both directly and indirectly. Human capital plays a direct role by facilitating the introduction and use of new technologies. A more indirect role is play by entrepreneurial activity in three ways: 1) supplying monetary funds; 2) creating an adequate social climate and 3) encouraging trust in the society. The hypotheses introduced are tested using the data on eleven countries