Elderly Entrepreneurship in an Aging US Economy: It's Never Too Late (Series on Economic Development and Growth Vol. 2)

CONTENTS......Page 16
Acknowledgments......Page 8
Foreword by Professor Laurie A. Schintler......Page 10
Foreword by Professor Roger R. Stough......Page 14
Abstract......Page 18
List of Abbreviations......Page 20
Part 1: Introduction......Page 22
1. Introduction......Page 24
1. Definitions......Page 26
2. Research Hypotheses and Data......Page 29
3. Methodology......Page 31
4. Roadmap of this Book......Page 32
End notes......Page 34
Part 2: Aging …......Page 36
1. Aging Population......Page 38
2. Aging Labor Force and Labor Force Shortage......Page 44
3. Financial Crisis of Social Services......Page 45
4. Policy Options for the Labor Force Shortage and Expenditure Pressure......Page 48
4.2. Enlarge the labor force......Page 49
4.3. Involving seniors in the labor force as an option......Page 51
5. Disincentives for Elderly Employment......Page 53
5.2. Public policy and financial incentive for early retirement......Page 54
5.3. Structural disincentive for late retirement and cost of employing older people......Page 55
5.4. Stereotype and myth of the old......Page 56
6. Incentives for Elderly Employment......Page 57
6.1. Improved health conditions......Page 58
6.2. Other personal incentives for late retirement......Page 59
6.3. Older workers’ human capital......Page 60
6.4. Flexible work schedule adjustment......Page 62
Summary......Page 63
End notes......Page 64
Part 3: Why Elderly Entrepreneurship?......Page 66
3. Elderly Entrepreneurship to Sustain the Labor Force: Possibilities and Necessities......Page 68
1. Social Possibilities......Page 69
2. Personal Possibilities......Page 70
3. Social Necessities......Page 71
4. Personal Necessities......Page 72
5. Elderly Entrepreneurship as a Means to Retain Seniors in the Labor Force......Page 74
6. Conclusion......Page 76
Summary......Page 77
End notes......Page 78
Part 4: Literature and Theories on Elderly Entrepreneurship......Page 80
4. Literature Review: Previous Studies......Page 82
1. Occupational Choice, Retirement Decision Study, and Elderly Entrepreneurship......Page 83
2. Previous Literature on Age and Entrepreneurship......Page 85
3. Previous Research on Factors Affecting Entrepreneurship Propensity......Page 86
4. Limitations of Current Literature......Page 89
Summary......Page 90
End notes......Page 91
5. Theoretical Framework......Page 92
1. The Notion of the “Knowledge Economy” versus The “Fordist Economy”......Page 93
2.1. Neoclassical growth theory/Solow growth model......Page 95
2.2. New growth theory/endogenous growth theory......Page 96
2.3. Human capital theory......Page 97
2.4. Entrepreneurship capital......Page 98
2.5. Limitations of current growth theories......Page 99
3.1.1. Role theory......Page 100
3.1.2. Disengagement theory......Page 101
3.2.2. Continuity theory......Page 102
3.3.2. Political economy of aging......Page 103
4. Utility Theories: Entrepreneurship and Seniors’ Utility......Page 104
5.1. Central place theory......Page 111
5.2. Growth pole theory......Page 112
6. Conclusion on Theories......Page 113
Summary......Page 114
End notes......Page 115
Part 5: Entrepreneurship of Seniors?......Page 118
6. Age and Entrepreneurship......Page 120
1. Age and Self-Employment......Page 123
2. Elderly Self-Employment in the “Knowledge Economy”......Page 126
3. Age and Entrepreneurship......Page 131
4. Conclusion......Page 135
Summary......Page 136
End notes......Page 137
7. Social and Policy Factors for Elderly Entrepreneurship......Page 140
1. Binomial Logit Model......Page 144
2. Estimation Results......Page 146
3. Discussion and Future Research Directions......Page 151
Summary......Page 153
End notes......Page 155
Part 6: Regional Dynamics of Elderly Entrepreneurship......Page 156
8. Regional Distribution of Elderly Entrepreneurship......Page 158
1. Regional Disparities and Clustering......Page 159
2. Entrepreneurial Environment and Elderly Entrepreneurship......Page 160
2.1. Elderly self-employment rate versus regional non-age-specific self-employment rate......Page 162
2.2. Elderly entrepreneurship level versus regional entrepreneurship level......Page 164
2.3. Elderly entrepreneurship level versus the scale of regional knowledge economy......Page 167
2.4. Elderly self-employment rate versus elderly entrepreneurship level......Page 169
2.5. Elderly entrepreneurship and regional economy in individual regions......Page 173
2.6. Linearity assumption......Page 176
3. Regional Industry Mix and Regional Elderly Entrepreneurship Disparities......Page 178
4. Conclusion......Page 180
End notes......Page 181
9. The Impact of Elderly Entrepreneurship on Metropolitan Economic Growth......Page 182
1. Extensions of the A-Spatial Audretsch and Keilbach (2004) Model......Page 185
1.1. Extension I: The per labor model......Page 186
1.2. Extension II: Sensitivity analysis......Page 188
1.3. Extensions III: The spatial model......Page 189
2. Empirical Evidence......Page 191
3. Conclusion......Page 194
Summary......Page 196
End notes......Page 197
Part 7: Elderly Entrepreneurship to Mitigate Labor and Fiscal Crises......Page 200
10. The Labor and Social Security Impacts of Elderly Entrepreneurship......Page 202
1. Hypotheses......Page 204
2. Methodology......Page 205
2.1. Specification of the base path analysis model......Page 206
2.3. Data sources and base variables......Page 208
2.4. Description of base variables......Page 209
2.5. Variable measurements......Page 212
3. Empirical Evidence......Page 213
4. Limitations of This Study......Page 217
Summary......Page 219
End notes......Page 220
Part 8: Conclusion…......Page 222
11. Conclusion and Future Research......Page 224
1. The Socioeconomic Environment for Elderly Entrepreneurship......Page 225
2. Major Findings......Page 226
3. Policy Implications......Page 228
4. Areas of Future Research......Page 232
5. Concluding Remarks......Page 235
Policy implications......Page 236
Afterword by Professor David W.S. Wong......Page 238
References......Page 240
Appendix......Page 250
Index......Page 280