We study how financial market effciency affects a measure of diversification of output across industrial sectors … and for various levels of disaggregation, we construct a benchmark measure of diversification as the set of allocations of … faster for sectors that have a higher "natural" long-term risk-adjusted growth and which exhibit higher information frictions …

A method for analyzing productivity convergence based on frontier production functions is proposed. It is examined …

public income insurance systems that encourage mobility and risk-taking. …