| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28411 |
| 来源ID | Working Paper 28411 |
| Kindleberger Cycles: Method in the madness of crowds? | |
| Randall Morck | |
| 发表日期 | 2021-02-01 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Corporate R&D has a social return far above its internal rate of return to the innovating corporation, and so is chronically underfunded from a social perspective. Kindleberger cycles, irregularly recurring stock market manias, panics, and crashes, prominent in financial history, are also a major problem for mainstream economics. If manias inundating “hot” new technologies with capital sufficiently counter chronic underinvestment in innovation, economy-level selection may favor institutions and behavioral norms conducive to Kindleberger cycles despite individual agents’ losses in panics and crashes. |
| 主题 | Financial Economics ; Behavioral Finance ; History ; Financial History ; Development and Growth ; Development ; Innovation and R& ; D ; Growth and Productivity ; Other ; Economic Systems |
| URL | https://www.nber.org/papers/w28411 |
| 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/586083 |
| 推荐引用方式 GB/T 7714 | Randall Morck. Kindleberger Cycles: Method in the madness of crowds?. 2021. |
| 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 | ||
| w28411.pdf（1000KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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