We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and … US, China, and India reveals substantial losses in productivity and output due to the informational friction. Our … estimates for these losses range from 7-10% for productivity and 10-14% for output in China and India, and are smaller, though …

) stresses the role of labor deepening, including the reallocation from agriculture, while more recent analysis points to the …'s growth. The sectors include agriculture, and within non-agriculture, the state and non-state components. We find only a … modest role for labor reallocation from agriculture and capital deepening, and identify rising TFP in the non-state non …