Competition, Financial Discipline and Growth
构建了一个一般均衡模型，研究在追求满意而非最优的企业家经济中，产品市场竞争如何通过清算威胁减少管理松懈，从而促进技术采纳和经济增长，并探讨金融市场对这一增长效应的影响。
This paper develops a general equilibrium model of technological adoption in an economy populated by 'satisficing' entrepreneurs whose main objective is to minimise innovative effort while keeping the firm alive. In such an economy, product market competition is shown to have a stimulating effect on growth. Indeed, by reducing the amount of slack a manager can afford while keeping his firm alive, competition, combined with the threat of liquidation acts as a disciplinary device which fosters technology adoption and therefore growth. We then investigate how the existence of financial markets affects the importance of this growth-enhancing effect of competition.(This abstract was borrowed from another version of this item.)