growth. At early stages of development, the presence of indivisible projects limits the degree of risk …-spreading (diversification) that the economy can achieve. The desire to avoid highly risky investments slows down capital accumulation and the … equilibrium is inefficient because individuals do not take into account their impact on the diversification opportunities of …

As a result of debt enforcement problems, many high-productivity firms in emerging economies are unable to pledge … additional resources that flow to high-productivity firms after the reforms. We show that some of these resources do not come … from abroad, but instead from domestic low-productivity firms that are driven out of business as a result of the reforms …

leading to poor productivity performance are the most plausible explanation of Britain's relative decline. It is argued both …

productivity catch-up is rejected. A number of potential `ultimate' causes behind the slowdown are explored. An increasingly …

productivity growth in the US economy can be attributed to a technological acceleration within durable manufacturing and to …-factor productivity in the 88% of the economy outside of durable manufacturing. In comparison with the Great Inventions of 1860-1900, the …

This paper assesses the ‘one big wave’ in multi-factor productivity (MFP) growth for the United States since 1870. The … boosting productivity growth, followed by a reopening that contributed to the post-1972 productivity slowdown. …

capita income, whereas its labour productivity level -- notably in manufacturing -- remained relatively high. The Dutch …

. Examining the sources of labour productivity growth in Mexican manufacturing, however, does not provide support for this … conclusion. Although we find that labour productivity levels vary almost in direct relation to establishment size, labour … productivity growth shows no systematic variation by size class. In fact, small establishments have had the same rate of labour …