haku: @author Zilibotti, F. / yhteensä: 10
viite: 10 / 10
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| Tekijä: | Acemoglu, D. Zilibotti, F. |
| Otsikko: | Was Prometheus unbound by change? Risk, diversification, and growth |
| Lehti: | Journal of Political Economy
1997 : AUG, VOL. 105:4, p. 709-751 |
| Asiasana: | RISK DIVERSIFICATION GROWTH INCOMPLETE MARKETS |
| Kieli: | eng |
| Tiivistelmä: | 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. |
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