ERN: Exchange & Production Economies (Topic)最新文献

Market Prices of Orthogonal Risk and Risk Aversion in Complete Stochastic Volatility Models: Theoretical and Empirical 完全随机波动模型中正交风险和风险厌恶的市场价格:理论与实证

ERN: Exchange & Production Economies (Topic) Pub Date : 2010-10-18 DOI: 10.2139/ssrn.1694116

Qian Han, C. Turvey

引用次数: 2

Firm Growth, Institutions and Structural Transformation 企业成长、制度与结构转型

ERN: Exchange & Production Economies (Topic) Pub Date : 2010-01-07 DOI: 10.2139/ssrn.1539446

Magnus Henrekson, Dan Johansson

{"title":"Firm Growth, Institutions and Structural Transformation","authors":"Magnus Henrekson, Dan Johansson","doi":"10.2139/ssrn.1539446","DOIUrl":"https://doi.org/10.2139/ssrn.1539446","url":null,"abstract":"This essay argues that the economic contribution of certain firms – be they small, young or rapidly growing – has to be understood in a broader context of creative destruction. Growth of some firms requires contraction and exit of some other firms to free up resources that can be reallocated to expanding firms. Entry and expansion are flip sides to exit and contraction and the process through which the factors of production are put into different use defines structural transformation. We analyze institutions and policies conducive to structural transformation, in particular the expansion of high-growth firms (HGFs), since they have empirically been shown to contribute disproportionately to economic development. Firm growth is viewed as resulting from the continuous discovery and use of productive knowledge. Rapid firm growth requires a set of economic actors with complementary competencies that work together to identify and commercialize novel business ideas. The institutional framework determines the incentives for these individuals to acquire and utilize knowledge. We identify a number of institutions that encourage the creation of HGFs and promote structural transformation. In particular, our analysis points to the key roles played by tax structures, labor market regulation, and the contestability of service markets. Even in advanced economies, there is a large untapped economic potential which can be unleashed by institutional changes, such as the opening up of closed markets for entrepreneurial competition. However, there is no “quick-fix” that will boost the frequency of HGFs and structural transformation. Our analysis suggests that policymakers need to adopt a broad approach and implement a wide array of complementary institutional reforms to increase the prevalence of HGFs and to facilitate structural transformation.","PeriodicalId":314174,"journal":{"name":"ERN: Exchange & Production Economies (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132621110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 26

Is Free Market Capitalism Failing? 自由市场资本主义失败了吗?

ERN: Exchange & Production Economies (Topic) Pub Date : 2009-11-16 DOI: 10.2139/SSRN.1507345

Habib Siddiqui

引用次数: 1

Changing Competition Models in Market Economies: The Effects of Internationalisation, Technological Innovations and Academic Expansion on the Conditions Supporting Dominant Economic Logics 市场经济中不断变化的竞争模式:国际化、技术创新和学术扩张对主导经济逻辑支持条件的影响

ERN: Exchange & Production Economies (Topic) Pub Date : 2009-07-11 DOI: 10.1093/OXFORDHB/9780199233762.003.0014

R. Whitley

引用次数: 17

De-Industrialisation, Entrepreneurial Industries and Welfare 去工业化、创业产业与福利

ERN: Exchange & Production Economies (Topic) Pub Date : 2009-03-01 DOI: 10.2139/ssrn.1392153

A. Schweinberger, Jens Suedekum

{"title":"De-Industrialisation, Entrepreneurial Industries and Welfare","authors":"A. Schweinberger, Jens Suedekum","doi":"10.2139/ssrn.1392153","DOIUrl":"https://doi.org/10.2139/ssrn.1392153","url":null,"abstract":"We develop a two-sector general equilibrium model with monopolistic competition featuring nonhomothetic production and a variable demand elasticity for the manufactured goods. An increase in the relative price of manufacturing varieties can lead to a decline in total industrial output in our framework, i.e., to de-industrialisation. The two key mechanisms behind this surprising result are that the founding of firms requires skilled labour as a fixed input requirement, and that the price increase can raise the profit margin in the manufacturing industry and thereby induce firm entry. When the manufacturing sector mainly adjusts at the extensive margin, we refer to this industry as being entrepreneurial. Due to the fixed input requirement entry reduces the effective endowment of skilled labour available for production. This reduces industrial output owing to a novel generalized version of the Rybczynski effect. De-industrialisation occurs if that effect is sufficiently large in comparison with the standard output price effect for a given number of firms. Furthermore we prove the counterintuitive result that de-industrialisation implies a fall in the output per firm and under plausible conditions a rise in welfare. Our results shed new light on the current debates about possible causes of premature de-industrialisation and its welfare effects.","PeriodicalId":314174,"journal":{"name":"ERN: Exchange & Production Economies (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134058574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2