production function explains the distribution of income (as in Cambridge, MA), while a savings function in which savings depended …

model includes an aggregate production function that explains the distribution of income, while a savings function in which … savings depended on property income governs accumulation. Simulations with the model show that technical progress was the …

whether payments are only made at the time of death or savings are accumulated by the group based on premiums paid ex … show numerically that a contract with savings makes higher demands on enforceability, leading to less cohesive groups … finding it in their interest to choose the contract without savings and that coalition-proofness is a necessary condition for …

savings within the household.  We also show that the negative impact of saving within-the-household on investment is more …

there is a relation in terms of both industry growth rates and shares of output devoted to R&D. Investment in R&D rather …

.  Investment rises robustly soon after the news arrives, while GDP does not increase until after 5 years.  Employment rates fall …

productive, or near equally productive employees without relational contracts.  Investment in specific training relaxes the … incentive constraints on relational contracts, so the optimal level of investment can be higher for those with a relational … additional cost of optimal investment precisely offsets the post-investment surplus for marginal employees in relational …

, investment rates are low.  I investigate three sources: detailed World Bank surveys of 6,500 manufacturing firms, a new panel … returns to be high throughout.  Micro-evidence and sectoral FDI data confirm that investment remains low outside the mining … industry and that the link between past profitability and current investment is weak in Africa.  Low investment despite high …