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The Rise and Decline of General Laws of Capitalism
Acemoglu, Daron; Robinson, James A. - 2014
, like Marx and Ricardo, in formulating general laws of capitalism to diagnose and predict the dynamics of inequality. We …
Persistent link: https://www.econbiz.de/10012457900
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Customer Capital
Gourio, Francois - 2011
Firms spend substantial resources on marketing and selling. Interpreting this as evidence of frictions in product markets, which require firms to spend resources on customer acquisition, this paper develops a search theoretic model of firm dynamics in frictional product markets. Introducing...
Persistent link: https://www.econbiz.de/10012461466
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Professor Zipf goes to Wall Street
Malevergne, Yannick - 2009
The heavy-tailed distribution of firm sizes first discovered by Zipf (1949) is one of the best established empirical facts in economics. We show that it has strong implications for asset pricing. Due to the concentration of the market portfolio when the distribution of the capitalization of...
Persistent link: https://www.econbiz.de/10012463355
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The Financialization of Commodity Markets
Cheng, Ing-Haw - 2013
The large inflow of investment capital to commodity futures markets in the last decade has generated a heated debate about whether financialization distorts commodity prices. Rather than focusing on the opposing views concerning whether investment flows either did or did not cause a price...
Persistent link: https://www.econbiz.de/10012459020
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The Great Leveraging
Taylor, Alan M. - 2012
What can history tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the...
Persistent link: https://www.econbiz.de/10012460371
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On the Design of Hierarchies : Coordination Versus Specialization
Hart, Oliver - 1999
We develop a model of hierarchies based on the allocation of authority. A firm's owners have ultimate authority over a firm's decisions, but they have limited time or capacity to exercise this authority. Hence owners must delegate authority to subordinates. However, these subordinates also have...
Persistent link: https://www.econbiz.de/10012471397
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Is the American Soft Power a Casualty of the Trade War?
Fan, Haichao; Hu, Yichuan; Tang, Lixin; Wei, Shang-Jin - National Bureau of Economic Research - 2022
The US trade war against China in 2018-2019 can either enhance or diminish the US soft power in China, depending on … the US soft power--is affected by the trade war, utilizing variations across Chinese cities in the exposure to the Trump …
Persistent link: https://www.econbiz.de/10013191093
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A Theory of Power Structure and Institutional Compatibility : China vs. Europe Revisited
Jia, Ruixue; Roland, Gérard; Xie, Yang - National Bureau of Economic Research - 2021
differences in the power structure of society: (1) the Ruler enjoyed weaker absolute power in Europe; (2) the People were more on … par with the Elites in China in terms of power and rights. Based on these narratives, we build a game-theoretical model … and analyze how the power structure can shape the stability of an autocratic rule. If we read greater absolute power of …
Persistent link: https://www.econbiz.de/10012482621
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Do Powerful Politicians Cause Corporate Downsizing?
Cohen, Lauren - 2010
This paper employs a new empirical approach for identifying the impact of government spending on the private sector. Our key innovation is to use changes in congressional committee chairmanship as a source of exogenous variation in state-level federal expenditures. In doing so, we show that...
Persistent link: https://www.econbiz.de/10012462813
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State Capacity, Conflict and Development
Besley, Timothy J. - 2009
We report on an on-going project, which asks a number of questions relevant to the study of state capacity. What are the main economic and political determinants of the state's capacity to raise revenue and support private markets? How do risks of violent conflict affect the incentives to invest...
Persistent link: https://www.econbiz.de/10012463562