Strategies for Growth in a Macroeconomic Setting
AbstractEndogenous growth theory explains long-run economic expansion by intertemporal preferences, technology, and other factors, e.g., taxes. Here the authors focus on more subtle and strategic factors in a theory of endogenous growth that follows M. F. Scott (1989) and is based on learning-by-doing and learning-by-watching. Coordination of investment in the presence of learning externalities boosts growth. Managerial discretion based on the separation between ownership and control affects growth but the magnitude of the effects depends on the way firms set labor demand. Uncertainty positively affects growth because of precautionary savings. The effect is amplified if projects with higher growth rates are more risky. Copyright 1995 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 63 (1995)
Issue (Month): 4 (December)
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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Other versions of this item:
- van de Klundert, T. & Smulders, S., 1992. "Strategies for Growth in a Macroeconomic Setting," Papers 9204, Tilburg - Center for Economic Research.
- van de Klundert, T. & Smulders, S., 1992. "Strategies for Growth in a Macroeconomic Setting," Papers 9202, Tilburg - Center for Economic Research.
- Smulders, J.A. & Klundert, T.C.M.J. van de, 1995. "Strategies for growth in a macroeconomic setting," Open Access publications from Tilburg University urn:nbn:nl:ui:12-153408, Tilburg University.
- Klundert, T.C.M.J. van de & Smulders, J.A., 1992. "Strategies for growth in a macroeconomic setting," Discussion Paper 1992-4, Tilburg University, Center for Economic Research.
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