scholarly journals Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory

2021 ◽  
Vol 13 (1) ◽  
pp. 257-298
Author(s):  
Ufuk Akcigit ◽  
Sina T. Ates
Keyword(s):  
United States ◽  
Endogenous Growth ◽  
Knowledge Diffusion ◽  
The United States ◽  
Market Concentration ◽  
Growth Theory ◽  
Composition Effect ◽  
Incentive Effect ◽  
Endogenous Growth Theory ◽  
Theoretical Predictions

In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized facts related to declining business dynamism documented in the literature and discuss some of the existing attempts to explain them. We then describe a theoretical framework of endogenous markups, innovation, and competition that can potentially speak to all of these facts jointly. We next explore some theoretical predictions of this framework, which are shaped by two interacting forces: a composition effect that determines the market concentration and an incentive effect that determines how firms respond to a given concentration in the economy. The results highlight that a decline in knowledge diffusion between frontier and laggard firms could be a significant driver of empirical trends observed in the data. This study emphasizes the potential of growth theory for the analysis of factors behind declining business dynamism and the need for further investigation in this direction. (JEL D33, E25, J24, L13, O33, O34)

2018 Nobel Economics Prize: Integrating Climate Change Measures into Sustainable Economic Growth

2018 ◽  
Vol 34 (4) ◽  
Author(s):  
Nguyen Thi Thuc An ◽  
Dau Kieu Ngoc Anh
Keyword(s):  
Climate Change ◽  
Economic Growth ◽  
Endogenous Growth ◽  
Environmental Issues ◽  
Growth Theory ◽  
Endogenous Growth Theory ◽  
Technological Advances ◽  
Academy Of Sciences ◽  
Sustainable Economic Growth

The 2018 Nobel Economics Prize was awarded to two American economists - William D. Nordhaus and Paul M. Romer - who designed methods for better assessing environmental issues and technological advances on growth. This year’s Laureates, Nordhaus was the first person to create an intergrated model to assess interactions between society and nature and Romer laid the foundation for what is now called endogenous growth theory. According to the Swedish Royal Academy of Sciences, these two macroeconomists’ research have helped “significantly broaden the scope of economic analysis by constructing models that explain how the market economy interacts with nature and knowledge” which integrates climate change measures into long-term sustainable economic growth. Keywords Nobel in economics, William D. Nordhaus, Paul M. Romer, climate change, endogenous growth theory, economic growth References [1] Y Vân (2018), “Lý lịch 'khủng' của hai nhà khoa học vừa giành giải Nobel Kinh tế 2018”, Vietnambiz, đăng tải ngày 08/10/2018, https://vietnambiz.vn/ly-lich-khung-cua-hai-nha-khoa-hoc-vua-gianh-giai-nobel-kinh-te-2018-95776.html[2] Jonas O. Bergman, Rich Miller (2018), “Nordhaus, Romer Win Nobel for Thinking on Climate, Innovation”, đăng tải ngày 8/10/2018, https://www.bloomberg.com/news/articles/2018-10-08/nordhaus-romer-win-2018-nobel-prize-in-economic-sciences [3] Antonin Pottier (2018), “Giải Nobel” William Nordhaus có thật sự nghiêm túc?”, Nguyễn Đôn Phước dịch, đăng tải ngày 11/10/2018, http://www.phantichkinhte123.com/2018/10/giai-nobel-william-nordhaus-co-that-su.html[4] Thăng Điệp (2018), “Giải Nobel kinh tế 2018 về tay hai người Mỹ”, đăng tải ngày 8/10/2018, http://vneconomy.vn/giai-nobel-kinh-te-2018-ve-tay-hai-nguoi-my-20181008185809239.htm[5] Lars P. Syll (2018), “Cuối cùng - Paul Romer cũng có được giải thưởng Nobel”, Huỳnh Thiện Quốc Việt dịch, đăng tải ngày 14/10/2018, http://www.phantichkinhte123.com/2018/10/cuoi-cung-paul-romer-cung-co-uoc-giai.html[6] Phương Võ (2018), “Nobel Kinh tế 2018: Chạm tới bài toán khó của thời đại”, đăng tải ngày 9/10/2018, https://nld.com.vn/thoi-su-quoc-te/nobel-kinh-te-2018-cham-toi-bai-toan-kho-cua-thoi-dai-20181008221734228.htm[7] Đông Phong (2018), “Nobel Kinh tế cho giải pháp phát triển bền vững và phúc lợi người dân”, đăng tải ngày 8/10/2018, https://news.zing.vn/nobel-kinh-te-cho-giai-phap-phat-trien-ben-vung-va-phuc-loi-nguoi-dan-post882860.html[8] Thanh Trúc (2018), “Giải Nobel kinh tế 2018: Thay đổi tư duy về biến đổi khí hậu”, https://tusach.thuvienkhoahoc.com/wiki/Gi%E1%BA%A3i_Nobel_kinh_t%E1%BA%BF_2018:_Thay_%C4%91%E1%BB%95i_t%C6%B0_duy_v%E1%BB%81_bi%E1%BA%BFn_%C4%91%E1%BB%95i_kh%C3%AD_h%E1%BA%ADu[9] Cẩm Anh (2018), “Nobel kinh tế 2018: Lời giải cho tăng trưởng kinh tế bền vững”, đăng tải ngày 11/10/2018, http://enternews.vn/nobel-kinh-te-2018-loi-giai-cho-tang-truong-kinh-te-ben-vung-137600.html.

scholarly journals Firm Size and Employment during the Pandemic

2021 ◽  
Vol 7 ◽  
pp. 237802312199260
Author(s):  
Ken-Hou Lin ◽  
Carolina Aragão ◽  
Guillermo Dominguez
Keyword(s):  
United States ◽  
Labor Market ◽  
Firm Size ◽  
The United States ◽  
Market Concentration ◽  
Job Security ◽  
Wage Premium ◽  
Small Enterprises ◽  
Policy Responses ◽  
Industrial Context

Previous studies have established that firm size is associated with a wage premium, but the wage premium has declined in recent decades. The authors examine the risk for unemployment by firm size during the initial outbreak of coronavirus disease 2019 in the United States. Using both yearly and state-month variation, the authors find greater excess unemployment among workers in small enterprises than among those in larger firms. The gaps cannot be entirely attributed to the sorting of workers or to industrial context. The firm size advantage is most pronounced in sectors with high remotability but reverses in the sectors most affected by the pandemic. Overall, these findings suggest that firm size is linked to greater job security and that the pandemic may have accelerated prior trends regarding product and labor market concentration. They also point out that the initial policy responses did not provide sufficient protection for workers in small and medium-sized businesses.

Endogenous Growth Theory for natural scientists

10.1038/1982 ◽  
1998 ◽  
Vol 4 (9) ◽  
pp. 995-999
Author(s):  
Terence Kealey ◽  
Aram Rudenski
Keyword(s):  
Endogenous Growth ◽  
Growth Theory ◽  
Endogenous Growth Theory ◽  
Natural Scientists

scholarly journals Endogenous growth theory and regional development policy

Spatium ◽  
2015 ◽  
pp. 10-17
Author(s):  
Slobodan Cvetanovic ◽  
Milorad Filipovic ◽  
Miroljub Nikolic ◽  
Dusko Belovic
Keyword(s):  
Economic Growth ◽  
Regional Development ◽  
Endogenous Growth ◽  
Driving Forces ◽  
Growth Theory ◽  
Regional Competitiveness ◽  
Endogenous Growth Theory ◽  
Neoclassical Growth Theory ◽  
Neoclassical Growth

The numerous versions of endogenous explanations of economic growth emphasize the importance of technological change driving forces, as well as the existence of appropriate institutional arrangements. Endogenous growth theory contributes to a better understanding of various experiences with long-term growth of countries and regions. It changes the key assumptions of the Neoclassical growth theory and participates in the modern regional development physiology explanation. Based on these conclusions, the paper: a) explicates the most important theoretical postulates of the theory, b) explains the most important factors of economic growth in the regions in light of the Endogenous growth theory messages and c) emphasizes the key determinants of regional competitiveness which in our view is conceptually between the phenomena of micro- and macro-competitiveness and represents their necessary and unique connection. First of all, micro-competitiveness is transformed into a regional competitiveness; then regional competitiveness is transformed into a macro-competitiveness. In turn, macro - influences the microeconomic competitiveness, and the circle is closed. After that, the process starts over again.

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