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Market-supporting institutions play an essential role in successful market economies, yet much remains unanswered about when in the course of economic development those institutions should be established. This article develops a model that shows how private sector growth can depend on the time...
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During the silent era, movie producers rented the vast majority of their films to exhibitors for flat per-day fees. A technology "shock" in the form of the coming of sound led to the widespread replacement of flat fees by revenue-sharing. This paper seeks to determine why. It finds that sound...
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