| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7849 |
| 来源ID | Working Paper 7849 |
| Creative Destruction and Development: Institutions, Crises, and Restructuring | |
| Ricardo J. Caballero; Mohamad L. Hammour | |
| 发表日期 | 2000-08-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | There is increasing empirical evidence that creative destruction, driven by experimentation and the adoption of new products and processes when investment is sunk, is a core mechanism of development. Obstacles to this process are likely to be obstacles to the progress in standards of living. Generically, underdeveloped and politicized institutions are a major impediment to a well-functioning creative destruction process, and result in sluggish creation, technological sclerosis,' and spurious reallocation. Those ills reflect the macroeconomic consequences of contracting failures in the presence of sunk investments. Recurrent crises are another major obstacle to creative destruction. The common inference that increased liquidations during crises result in increased restructuring is unwarranted. Indications are, to the contrary, that crises freeze the restructuring process and that this is associated with the tight financial-market conditions that follow. This productivity cost of recessions adds to the traditional costs of resource under-utilization. |
| 主题 | Macroeconomics ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w7849 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565428 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Mohamad L. Hammour. Creative Destruction and Development: Institutions, Crises, and Restructuring. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7849.pdf（365KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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