Suchergebnisse

"The foundations of incomplete contracts have been questioned using or extending the subgame perfect implementation approach of Moore and Repullo (1988). We consider the robustness of subgame perfect implementation to the introduction of small amounts of asymmetric information. We show that Moore- Repullo mechanisms may not yield (even approximately) truthful revelation in pure or totally mixed strategies as the amount of asymmetric information goes to zero. Moreover, we argue that a wide class of extensive-form mechanisms are subject to this fragility"--National Bureau of Economic Research web site

Cette leçon présidentielle vise à montrer que des aspects importants du processus de croissance économique sont difficiles a appréhender a travers des modèles où la source principale de la croissance est l'accumulation du capital physique. Quatre aspects sont discutés, en particulier : les trappes de non-transition, la stagnation séculaire, la relation entre croissance et inégalités de revenus, et la relation entre croissance et dynamique des firmes. Cette leçon montre que ces phénomènes peuvent au contraire être analyses a l'aide du paradigme schumpétérien dans lequel : (i) la croissance résulte au premier chef de l'innovation ; (ii) l'innovation répond à des incitations construites sur les politiques économiques et les institutions ; et enfin (iii) les innovations d'aujourd'hui remplacent les innovations d'hier via un processus de destruction-créatrice.

Does education matter for growth? Which type of education investment (primary, secondary, or tertiary) matters most? Is there a relationship between growth or innovation and the governance of higher education? This paper surveys recent attempts at answering these questions. It first contrasts the 'Lucas approach,' whereby growth is affected by the accumulation of human capital, with the 'Nelson?Phelps approach,' whereby growth is affected by the stock of human capital and by its interaction with the underlying process of technological innovation. Then the paper argues that growth in countries that are close to the world technological frontier benefit more from tertiary education, whereas countries that lie below the frontier benefit more from primary and secondary education. Finally, the paper discusses the relationship between innovation and the governance of universities.