Entrepreneurs who start new firms may choose not-for-profit status as a means of commiting to soft incentives. Such incentives protect donors, volunteers, consumers and employees from ex post expropriation of profits by the entreperneur. We derive conditions under which completely...

In this paper we study how aggregate output responds to the arrival of a new General Purpose Technology (GPT) by looking at adjustment mechanisms that operate through labor markets. We show that under a wide set of circumstances the arrival of a new GPT that raises long-run output can trigger a...

We present a model of endogenous firm growth with R&D investment and innovation as the engine of growth. The objective of our analysis is to present a framework that can be used for microeconometric analysis of firm performance in high-tech industries.

Broadly speaking, two schools of thought have emerged to interpret China's rapid growth since 1978 : the experimentalist school and the convergence school. The experimentalist school attributes China's successes to the evolutionary, experimental, and incremental nature of China's reforms. The...

We consider a model where agents work in sequence on a project, share information not available to the principal, and can collude.

This paper uses a new pre-1940 Third World data base documenting real wages and relative factor prices to explore their determinants. There are three possibilities: external price shocks, factor endowment changes, and technological change. While the paper lays out an explicit econometric agenda...

For twenty-five years, the US and Japanese goverments have seen the rise of corporate groups in Japan, Keiretsu, as due in part to foreign pressure to liberalize the Japanese market. In fact, virtually all of the recent works that discuss barriers in a historical context argue that Japanese...