Superstars, Winner-Take-All Markets and Economic Growth
This 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”.
|Date of creation:||Jun 2009|
|Date of revision:|
|Contact details of provider:|| Postal: Jalan Broga, 43500 Semenyih, Selangor Darul Ehsan|
Phone: +603 8924 8000
Fax: +603 8924 8002
Web page: http://www.nottingham.edu.my/nubs/
More information through EDIRC
|Order Information:|| Email: |
When requesting a correction, please mention this item's handle: RePEc:nom:nubsmc:2009-06. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rasyad A. Parinduri)
If references are entirely missing, you can add them using this form.