We develop an equilibrium model of industrial structure in which the organization of firms is endogenous. Differentiated consumer products can be produced either by vertically integrated firms or by pairs of specialized companies. Production of each variety of consumer good requires a unique,...

Economists have long been interested in searching for the causes and effects of the growth of income and wealth of countries. The relevant literature gradually was divided nto two banches: economic growth and development economics, with the former emphasizing the use of rigorous mathematical...