Rent‐Seeking, Market Structure, and Growth
研究了生产性和非生产性创业在经济增长中的作用，企业通过技术创新和寻租活动在政治和经济市场中竞争，发现寻租通过减少创新和改变企业数量影响增长。
Abstract We study the role of productive and unproductive entrepreneurship in economic growth, in a setting where firms compete in both economic and political markets. Specifically, firms compete for market share through cost‐reducing technological innovation, and they vie for influence over government transfer policy through rent‐seeking activities. We find that rent‐seeking affects growth in two ways: it allows firms to ignore economic competition, leading to less innovation, and it alters the number of firms that are supported in equilibrium. The former effect is negative, while the latter is ambiguous. We show how these effects depend on various characteristics of economic and political markets.