lead to a unique equilibrium path where external enforcement remains weak and individual values discourage cooperation. …

frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems …, which reforms are best? We address this question by empirically investigating the effects of institutions on financial … frictions using a canonical investment model. We consider two channels by which frictions affect investment: (i) through …

stronger. We then study how different governance structures impact the ability to sustain integrity as a corporate value. We …

, incumbents' valuations of innovations are less negatively affected by increased competition than entrants' profits. This, in turn …, but not too strict, merger policy tends to increase the incentive for innovations for sale by ensuring the bidding … competition for the innovation, without reducing the total rents for innovations too much. …

introduction of new technologies, which require labour re-allocation for their implementation. Using a variant of the search theory … an increase in either the size or the frequency of innovations, from human capital accumulation through learning … of innovations or through introducing learning by doing with positive external effects across sectors) introduces new …

This paper considers a dynamic North South model of international trade and innovations in which firms can endogenously …

This Paper presents a model of innovations and economic growth, in which patent rates emerge endogenously, as a result …-inefficient, as too many researchers look for the easy innovations, while too few search for the difficult ones. The third result is …

Economic theory is often abused in practical policy-making. There is frequently excessive focus on sophisticated theory … at the expense of elementary theory; too much economic knowledge can sometimes be a dangerous thing. Too little attention … politically important. I illustrate with some disastrous government auctions, but also show the value of economic theory. …

elasticity of money demand owe more to a faulty methodology than to the data. …