Innovation, Progress, Entrepreneurship and Cultural Aspects

In the case of economic progress, some of the literature has considered economic growth and economic progress to be the same thing. However, there is a relevant difference between the two concepts. As Holcombe states, economic growth considers the quantity of products and economic progress the quality of products. Innovation has been considered as a key factor to promote economic progress. A culture would have a direct and an indirect effect on innovation through entrepreneurship. The goal of this paper is to analyze the relationship between culture and innovation. To carry out this study, an empirical estimation has been developed for the case of 11 countries. © 2012 Springer Science+Business Media, LLC