leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns … extent of specialization. Finally, we provide evidence that countries accumulating faster experience a worsening in their …

benefits of diversification in the context of high trading costs, and the benefits of specialization in a Ricardian sense. …

. We show that this specialization leads to a bunching of types on profits, i.e. a range of firms with different cost …

the Census of Services to examine law firms' boundaries. We first examine how the specialization of lawyers and firms … increases as lawyers' returns to specialization increase. In fields where lawyers increasingly specialize with market size, the … specialization by mediating exchanges of economic opportunities more efficiently than markets. …

What are the consequences of resource-based regional specialization, when it persists over a long period of time? While … much of the literature argues that specialization is beneficial, recent work suggests it may be costly in the long run, due … from specialization were large, and specialization had little impact on the fraction of total income spent by local …

intranational data to evaluate the linkages between trade in goods, trade in financial assets, specialization and business cycles … are significantly more synchronized, even though they are also more specialized. (iii) Specialization patterns have a …, trade-induced specialization has virtually no effect on cycles synchronization. The results obtain in a variety of datasets …

intermediary using a hand-collected dataset on European venture capital deals. We find organizational specialization to be a key … implications for prevailing views of financial intermediation, which largely abstract from issues of specialization and human …

When local cost discovery generates knowledge spillovers, specialization patterns become partly indeterminate and the …