Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio - Department of Economics and Business, Universitat … - 2010
production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are … adapted to be produced using unskilled labor. Our framework highlights a number of novel results. First, standardization is … standardization rate (and of competition). Second, we characterize the growth and welfare maximizing speed of standardization. We show …
