Corporate governance is concerned with the institutions that influence the ways in which business corporations allocate resources and returns. Our approach to the analysis of corporate governance and its policy implications focuses on its relation to the innovation process and the innovative...

This paper provides a general analysis, based on a synthesis of considerable empirical evidence, of the causes and consequences of differences in the process of skill formation in four wealthy nations -- Japan, United States, Germany, and Britain -- in the post-World War II decades. First, we...

Pressured by the financial community, it is alleged that industrial managers favor investment strategies that make use of productive resources that have already been developed, and hence can generate earnings immediately without incurring large capital outlays. Meanwhile, America's competitors,...

This paper, and the body of empirical research and theoretical formulation on which it is based, introduces national policy makers to a more rigorous and relevant approach to understanding the operation and performance of the economy. In sharp contrast to neoclassical theory, the theory of...