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The "Fundamental Transforma...
When factors enter into joint-production, they typically develop a degree of specificity with respect to each other. It is well known that, when combined with contracting difficulties, specificity gives rise to a Williamsonian 'Fundamental Transformation' from an ex-ante competitive relationship to an ex-post bilateral monopoly. The macroeconomic consequences of widespread specificity are far-reaching. Specificity results in misallocation, underutilization, and unemployment of the economy's productive factors; it hampers growth by depressing the incentives to replace what is outdated and to fully utilize the economy's resources; it disrupts macroeconomic adjustment by inducing a wedge between timid creation and excessive destruction of the old system; and it exacerbates downturns by èlastifying' the cyclical response of inelastic factors
Monografía
monografia Rebiun36789578 https://catalogo.rebiun.org/rebiun/record/Rebiun36789578 m o d cr ||||||||||| 140319s1996 mau o 000 0 eng d UAO ocn873958161 DKDLA dan pn DKDLA OCLCQ OCLCL OCLCQ 330 OCoLC The "Fundamental Transformation" in Macroeconomics Ricardo J. Caballero, Mohamad L. Hammour Cambridge, Mass. National Bureau of Economic Research 1996 Cambridge, Mass. Cambridge, Mass. National Bureau of Economic Research 1 online resource 1 online resource Tekst txt rdacontent/dan computer c rdamedia/dan NBER working paper series no. w5471 When factors enter into joint-production, they typically develop a degree of specificity with respect to each other. It is well known that, when combined with contracting difficulties, specificity gives rise to a Williamsonian 'Fundamental Transformation' from an ex-ante competitive relationship to an ex-post bilateral monopoly. The macroeconomic consequences of widespread specificity are far-reaching. Specificity results in misallocation, underutilization, and unemployment of the economy's productive factors; it hampers growth by depressing the incentives to replace what is outdated and to fully utilize the economy's resources; it disrupts macroeconomic adjustment by inducing a wedge between timid creation and excessive destruction of the old system; and it exacerbates downturns by èlastifying' the cyclical response of inelastic factors Hammour, Mohamad L. Caballero, Ricardo J. National Bureau of Economic Research NBER working paper series no. w5471