Following findings by Ormerod and Mounfield (Physica A 293 (2001) 573) Wright (The duration of recessions follows an exponential nota power law, cond-mat/0311585) rises the problem whether a power (Ormerod and Mounfield, 2001) or an exponential law (Wright) describes the distribution of...

This paper develops a model of the growth of corporate productivity which captures the effects of both long-run technological advancement and short-term fluctuations in demand due to the economic cycle. Technological change is captured through the 'experience effect', where an individual's...