English, Article, Journal or magazine article edition: Competition, Innovation and Growth with Limited Commitment Ramon Marimon; Vincenzo Quadrini

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Bookmark: http://trove.nla.gov.au/version/154998
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Competition, Innovation and Growth with Limited Commitment
Author
  • Ramon Marimon
  • Vincenzo Quadrini
Physical Description
  • preprint
Notes
  • We study how barriers to business start-up affect the investment in knowledge capital when contracts are not enforceable. Barriers to business start-up lower the competition for knowledge capital and, in absence of commitment, reduce the incentive to accumulate knowledge. As a result, countries with large barriers experience lower income and growth. Our results are consistent with cross-country evidence showing that the cost of business start-up is negatively correlated with the level and growth of income.
  • Innovation, Knowledge Capital, Enforcement, Growth, Competition, Commitment, Recursive Contracts, Mobility
  • RePEc:upf:upfgen:933
  • We study how barriers to competition---such as restrictions to business start-up and strict enforcement of covenants or IPR---affect the investment in knowledge capital when contracts are not enforceable. These barriers lower the competition for human capital and reduce the incentive to accumulate knowledge. We show in a dynamic general equilibrium model that this mechanism has the potential to account for significant cross-country income inequality.
  • RePEc:nbr:nberwo:12474
Language
  • English
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