This article examines the institutional arrangements that develop when the risks of opportunism and other contributors to transaction costs are high but transactions are nevertheless necessary for economic efficiency. Williamsons famous distinction between markets and hierarchies is inadequate...

As new and old technologies generally co-exist in the complex production methods that characterise major sectors of modern developed economies, it is important for policy makers to analyse them together in order to take full advantage of complementarities and optimise outcomes for entire...

Although scholars and policy makers have widely acknowledged the importance of so-called high-technology industries as drivers of economic change, they have paid insufficient attention to the interaction between high-tech sectors and the remainder of the economy in developed countries. We...

The ability of small and medium-sized enterprises in developing nations to evolve technologically is frequently constrained by a variety of environmental factors that are beyond their control. In many cases, it is necessary for the strategy of SMEs to be aligned with the international supply...

This paper develops a method for interpreting growth accounting studies in terms of the neoclassical growth model. In particular it shows that the growth accounting contribution of capital reflects the distance of the economy form its steady state income level. The method is applied to studies...

The causes of growth in East Asia remain controversial despite substantial empirical research. In this paper I adopt the neoclassical growth model as the maintained hypothesis, and decompose growth into the exogenous variables of the neoclassical model. It is shown that the role of increased...

An important stylized fact of economic growth is that the rate of return to capital is relatively constant across countries and time. This paper gives an explanation for this using a model of growth in a developing economy that has dualistic structure. Three conditions are derivedm each of which...