There is increasing empirical evidence that creative destruction, driven by experimentation and the adoption of new products and processes when investment is sunk, is a core mechanism of development. Obstacles to this process are likely to be obstacles to the progress in standards of living....

Le modele presente dans cet article est base sur l'idee que l'education augmente la productivite et la participation politique des citoyens. Une oligarchie capitaliste est supposee detenir initialement le pouvoir dans une economie en developpement ou la masse des travailleurs est peu eduquee....

The observation that liquidations are concentrated in recessions has long been the subject of controversy. One view holds that liquidations are beneficial in that they result in increased restructuring. Another view holds that liquidations are privately inefficient and essentially wasteful. This...