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- W3124127245 abstract "While much of recent growth literature has focused on innovation in thetechnology frontier, less attention has been paid to the role of theleast productive agents in generating growth. We develop an analyticallytractable model where growth is created as a positive externality fromrisk taking by individuals at the bottom of the productivitydistribution learning from more productive agents. Heterogeneous firmschoose to produce or pay a cost and search for a better opportunitywithin the economy. Sustained growth comes from the feedback between theendogenously determined distribution of productivity, as evolved by pastsearch decisions, and an optimal forward looking search policy. Thegrowth rate depends on characteristics of the productivity distribution,with a thicker tailed distribution leading to more growth." @default.
- W3124127245 created "2021-02-01" @default.
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- W3124127245 date "2012-05-01" @default.
- W3124127245 modified "2023-09-26" @default.
- W3124127245 title "Endogenous Risk and Growth" @default.
- W3124127245 hasPublicationYear "2012" @default.
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