Many basic economic theories with perfectly functioning markets do not predict the existence of the vast number of microenterprises readily observed across the world. We put forward a model that illuminates why financial and managerial capital constraints may impede experimentation, and thus...

In a historical retrospective, although the existing literature calls the management consulting industry an extraordinary sector and a unique phenomenon in the business context, in fact these statements are not accompanied by a number of academic studies that emphasize the importance of the...