Superstars, Winner-Take-All Markets and Economic Growth
AbstractThis paper argues that the “superstar” phenomenon, as a natural outcome of features of knowledge-based products, has important relevance for - and has so far been overlooked by - endogenous growth theory. By modelling superstar phenomena as outcomes of winnertake-all contests in an innovation-driven endogenous growth model, where productivity growth as well as the structures of the winner-takeall contests are jointly determined, this paper provides a framework that simultaneously accounts for changes in income disparity observed in recent decades, the rise of the superstar phenomenon, the intensification of winner-take-all contests, and the “paradox of happiness”.
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Bibliographic InfoPaper provided by Nottingham University Business School Malaysia Campus in its series NUBS Malaysia Campus Research Paper Series with number 2009-06.
Date of creation: Jun 2009
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-02 (All new papers)
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