We propose a model in which economic relations and institutions in advanced and less developed countries differ as these societies have access to different amounts of information. The lack of information in less developed economies makes it hard to evaluate the performance of managers, and leads to high "agency costs". As well as factors related to the informational infrastructure, we emphasize that societies accumulate information by repeating certain tasks. Poor societies may therefore have less information partly because the scarcity of capital restricts the repetition of various activities.
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Paper provided by Stockholm - International Economic Studies in its series Papers with number
652.
Length: Date of creation: 1998 Date of revision: Handle: RePEc:fth:stocin:652
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Find related papers by JEL classification: D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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