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Author:Acemoglu, D.
Zilibotti, F.
Title:Was Prometheus unbound by change? Risk, diversification, and growth
Journal:Journal of Political Economy
1997 : AUG, VOL. 105:4, p. 709-751
Index terms:RISK
DIVERSIFICATION
GROWTH
INCOMPLETE MARKETS
Language:eng
Abstract:This study argues that a model of development linking capital accumulation to the extent of market incompleteness yields a number of new insights. The study shows in a growth model with micro-level nonconvexities and uncertainty, that the process of development goes hand in hand with better diversification opportunities and more productive use of funds. The study demonstrates how primitive accumulation is followed by takeoff and financial deepening, how failed takeoffs can occur , how variability of growth decreases with development, and how productivity endogenously increases as the diversification opportunities improve.
SCIMA record nr: 161578
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