impact of immigration on entrepreneurial activity. Immigrants, we hypothesize, facilitate innovation and entrepreneurship by … immigrants (even if they are not self-employed) may prove to be areas in which entrepreneurship and innovation are easier to … accomplish. Our theory offers a unique perspective on the contributions of immigrants to economic development beyond traditional …

This paper presents a non-Malthusian theory of long-term development We model the interplay between the process of …

set on innovation for a large number of Italian firms over the 1990's. There is evidence that banking development affects … the probability of process innovation, particularly for small firms and for firms in high(er) tech sectors and in sectors … more dependent upon external finance. The evidence for product innovation is weaker. There is also some evidence that …

well. By implication, policies that stimulate investment and R&D and policies that affect the size of the labor force may …

investment in skill-intensive technologies. A public education system funded by graduate taxes can restore efficiency. More …

distorts occupational choice. We study this possibility in the context of a model with horizontal innovation, where the …

We study the implications of product market competition and investment for price setting, wage bargaining and thereby …

competitors. Because workers participate in the returns on investment while only firms bear the costs, investment is inefficiently … low. A binding minimum wage can achieve the first-best level of investment, both in the short run for a given number of …