Arizona State University Economic Development and Business Creation Presentation

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Economic development and Business Creation
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Economic development and Business Creation
Introduction
Economic development involves creating wealth, which leads to community
development by creating business and jobs for the community members. According to recent
data, some trends indicate that there has been a continued decline in business creation rates.
Some of the causes of the decline in business creation are increased business consolidation
and a decrease in the population. In “Economic Development and Business Creation” Nica
(2021) collected and analyzed data in an 8-year period from 130 countries to better
understand dynamics in business creation. This paper aims to critique the economic
development and business creation discussed in the article and determine the credibility of
the article through discussing the method of data collection used in the article and its overall
limitations.
Many past research findings attempt to find the definite relationship between
economic development and business creation. However, an issue concerning the
relationship’s shape never quite came to a conclusion. Thus, the article has collected data sets
to create the relevant results as many as it has done in 130 countries for a period between
2008 to 2016. The article chooses its methodology of study as the use of the panel data. The
article outlines that new businesses are well known for creating most jobs since new
businesses are more innovative. The existing business is enabled to economic development,
and the latest company creates jobs. Hence, the article aims to determine the relationship of
economic development being the main factor for new business creation.
In order to have a clear picture and gain a better result than the past research findings,
the article consider the linear and nonlinear possibility of the economic development and
business creation as indicated in the past research and consider other the factors necessary for
the research. Hence, the articles consider major economic development determinants such as
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GDP per capital growth, GDP per capital per Capital, foreign investments, and
unemployment income share out of all the income. The article gives the major concern about
the decline in economic development since the only justifiable times when the economic
development is easily understandable is during 1980 and 2007 during crisis associated with
recessions (Nica, 2021). The article researched a critical topic since there is a need for a clear
reason for economic decline, which might affect a country’s economic suitability. The report
is relevant since there is a literature gap as there are no other researches that clearly capture
the topic of economic development and business creation. There is a correlation between
entrepreneurship and business development. As the result indicates that there seems a linear
and negative relationship between the economic development and business creation.
Researches in the line of economic development stated that there was a lot of
relationship between since 1970 there was a decree in the number of self-employed people.
The study fails to outline clearly the relationship between economic development and
entrepreneurship. The study suggests that the relationship between economic development
and entrepreneurship might be U-shapes while in other. It gives a possibility that the
relationship between economic development and business creation might be linear. The
limitation of the study is that there is no specification of the type of relationship is between
economic development and business creation. The article does not give results on the effects
of unemployment on entrepreneurship. The article does not still specify on ow factors like
foreign investment impact a business environment. The article uses its methodology as the
panel data, which has restrictions like failing to use variables from past data.
Conclusion
The research made various improvement in consideration of how economic
developments interrelates with business creation through consideration of different variables.
The limitation is that they could only refer to their data set and not past data. The study does
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not identify the possible reasons behind the lowering of the business creation trend. The
article illustrates that there is a need for more research is required to understand the reasons
for lower business creation rates.
References
Nica, M. (2021). Economic development and business creation. Economic Change and
Restructuring, 54(1), 219-239.

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