This paper uses time-series data to attempt to identify the factors responsible for the rise in self-employment amongst UK males, focusing in particular on the period of rapid growth which was experienced during the 1980s. The empirical results suggest that the most significant long-run influence on the growth of self-employment has been the rise in the real value of personal sector liquid wealth, though rising levels of GDP and, to a lesser extent, increases in the real value of housing wealth have also made a significant contribution. There is tentative support for the notion that Mrs Thatcher may have succeeded in ushering in an 'entrepreneurial renaissance' within the UK economy, though the evidence for this is rather crude. There is no evidence for the view that 'recession-push' effects have been significant in accounting for the rise in self-employment.
Small Business Economics – Springer Journals
Published: Oct 6, 2004
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