Ability-Heterogeneity, Entrepreneurship, and Economic Growth
2006/07/11
研討會日期 : 2006-07-11
時間 : 15:00
主講人 : Prof. Ping Wang
地點 : B棟110會議室
演講者簡介 : Prof.Ping Wang為Ph.D. in Economics，University of Rochester (1987)。
現為Professor, Washington University in St. Louis。
其主要研究領域為Macroeconomics、Monetary Economics、Growth & Development。
演講摘要 : This paper develops an endogenous growth model with overlapping generations heterogeneous in entrepreneurial ability. A young agent makes occupational choice between becoming a worker and becoming an entrepreneur upon obtaining a loan from a bank. With credit market imperfections, banks set incentive compatible loan contracts to mitigate the moral hazard problem. As a result, some of those who wish to be entrepreneurs may become workers. While an increase in the number of entrepreneurs creates a variety effect enhancing the rate of growth of the economy, the average quality of entrepreneurial ability is lower which retards economic growth. As a result, the number of entrepreneurs and output growth need not be positively related, in response to changes in the ability distribution or the severity of credit constraints. While both a reduction in the unit financial operation cost and an improvement in manufacturing productivity are growth enhancing, they have different effects on equilibrium factor prices and financial markups.
