The authors investigate how worker-owned and capitalist enterprises differ with respect to wages, employment, and capital in Italy, the market economy with the greatest incidence of worker-owned and worker-managed firms. Estimates calculated using a matched employer-worker panel data set for the...

We contrast two potential explanations of the substantial differences in entrepreneurial activity observed across geographical areas: entry costs and external effects. We extend the Lucas model of entrepreneurship to allow for heterogeneous entry costs and for externalities that shift the...

Is entrepreneurial talent entirely innate or do people learn to become entrepreneurs? We extend Lucas's (1978) model of entrepreneurship to allow for the possibility that entrepreneurial talents may be acquired by watching other entrepreneurs in action. This model implies that areas with a...

We investigate the role of information spillovers (IS) in determining firms' labor adjustments. We test the proposition that information on relevant state variables spills over through one firm's decision to those of other firms, assuming that spillovers matter only among firms that are both...

We study the role of social interaction (SI) in determining firms' employment adjustments in industrial districts. We assume that SI matters only among firms that are both similar and geographically close. Our first test of this assumption is based on the correlation between individual and...

We investigate the role of information spillovers (IS) in determining firms' labour adjustments. We test the proposition that information on relevant state variables spills over through one firm's decision to affect those of other firms. Our test is based on the assumption that spillovers matter...

We contrast two potential explanations of the substantial di¤erences in entrepreneurial activity observed across geographical areas: entry costs and external effects. We extend the Lucas model of entrepreneurship to allow for heterogeneous entry costs and for externalities that shift the...