21 January 2014

Time for a Real TEA Party

Total Entrepreneurial Activity (TEA) is measured in this graph as the percentage of people 18 to 64 who are either involved in nascent entrepreneurial activity or owner / manager of a new business enterprise. This graph compares TEA across countries and time. (Data and graph from GEM.)

We seem to be at the point of measuring entrepreneurship that we were at in measuring GDP and unemployment in the wake of the Great Depression. It will take some time for policy-makers to realize that it deserves study for similar reasons: it is this variable towards which policy should be directed as a measure of economic health, the degree to which the economy is realizing its potential.

I wonder how long it'll be before something akin to the Green Party - but a movement focused on nurturing entrepreneurship - springs up across various countries. We already have labor and capital parities. Why not a political party that focuses on our generation's limit to progress?

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