Found 1191 article(s) for author 'Economic Growth'

The Harvard Research Center in Entrepreneurial History and the Daimonic Entrepreneur

The Harvard Research Center in Entrepreneurial History and the Daimonic Entrepreneur. Sophus Reinert, 2017, Paper, “This paper sketches the intellectual history of the Research Center in Entrepreneurial History, founded at Harvard in 1948, which helped established the contours of business history as a discipline. This history was shaped by the rivalry between N. S. B. Gras, the “father of business history,” and Arthur H. Cole, which defined still extant polarities in the field of business history. It provides context for the emergence of the figure of the “entrepreneur,” conceived of as an ambiguous and potent force of creative destruction, and of entrepreneurship as business history’s preeminent and vital dynamic. The paper focuses on German émigré Fritz L. Redlich, who was central to the Center’s work, and whose “creative entrepreneur” was conceived in explicit relation to the daimon, the godlike, frighteningly ambiguous, and often destructive power of inspiration and creativity.Link

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The Hazards of Expert Control: Chief Risk Officers and Risky Derivatives

The Hazards of Expert Control: Chief Risk Officers and Risky Derivatives. Frank Dobbin, May 31, 2017, Paper, “At the turn of the century, regulators introduced policies to control bank risk-taking. Many banks appointed chief risk officers (CROs), yet bank holdings of new, complex, and untested financial derivatives subsequently soared. Why did banks expand use of new derivatives? We suggest that CROs encouraged the rise of new derivatives in two ways. First, we build on institutional arguments about the expert construction of compliance, suggesting that risk experts arrived with an agenda of maximizing risk-adjusted returns, which led them to favor the derivatives. Second, we build on moral licensing arguments to suggest that bank appointment of CROs induced “organizational licensing,” leading trading-desk managers to reduce policing of their own risky behavior.Link

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What history tells us about Trump’s budget fantasy

What history tells us about Trump’s budget fantasy. Lawrence Summers, May 30, 2017, Opinion, “At the risk of beating a dead horse, here are some thoughts on the Trump administration’s 3 percent growth forecast. Zero interest rates seemed inconceivable 15 years ago, and yet they happened. Almost no one forecast the productivity boom that took place in the United States between 1995 and 2005 or the magnitude of the 2008 financial crisis. So any statement that a given forecast is inconceivable is unwarranted.Link

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Trump Hopes To Lure Companies Back To The U.S. With Lower Tax Rates

Trump Hopes To Lure Companies Back To The U.S. With Lower Tax Rates. C. Fritz Foley, May 29, 2017, Audio, “A key part of President Trump’s tax plan is to repatriate corporate profits held overseas back to the U.S. With the lure of lower corporate rates, the idea is that companies will free up overseas earnings and instead invest in jobs and equipment in the U.S. A similar scheme was tried during the administration of George W. Bush, but companies used most of the money on stock buybacks or to pay dividends to shareholders.Link

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Trump’s Magic Budget

Trump’s Magic Budget. Carmen Reinhart, May 29, 2017, Opinion, “US President Donald Trump’s administration has now released its budget plans for fiscal year 2018. Among the details provided in the document, entitled America First – A Budget Blueprint to Make America Great Again, are projections for the expected path of gross federal debt as a percentage of GDP, which is shown to decline from its current level of about 106% to about 80% in 2027. Debt held by the public is expected to mirror this path, shrinking from 77% to 60% over this period.Link

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Harvard’s Hausmann Asks JPMorgan to Cut Venezuela From Index

Harvard’s Hausmann Asks JPMorgan to Cut Venezuela From Index. Ricardo Hausmann, May 26, 2017, Video, “Harvard University economist Ricardo Hausmann is calling on JPMorgan Chase & Co. to remove Venezuela from its bond indexes so that investors whose portfolios track the gauges aren’t compelled to buy notes issued by a government accused of human-rights violations.Link

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‘Secular Stagnation’ Even Truer Today

‘Secular Stagnation’ Even Truer Today. Lawrence Summers, May 25, 2017, Opinion, “Larry Summers is doubling down on his secular-stagnation hypothesis. The Harvard economist and former Treasury secretary first offered the bleak diagnosis in November 2013 at an International Monetary Fund conference. The U.S. and much of the rest of the world, he suggested, was suffering from a chronic shortage…Link

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Growth in India is meaningful and significant

Growth in India is meaningful and significant. Michael Porter, May 25, 2017, Video, “Stressing on the fact that competitiveness is important for sustained growth in India, Michael Porter of Harvard Business School said that growth in India is meaningful and significant. He also added that they do not enough data to assess job situation in India.Link


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Firms, crowds, and innovation

Firms, crowds, and innovation. Karim Lakhani, May 2017, Paper, “The purpose of this article is to suggest a (preliminary) taxonomy and research agenda for the topic of “firms, crowds, and innovation” and to provide an introduction to the associated special issue. We specifically discuss how various crowd-related phenomena and practices–for example, crowdsourcing, crowdfunding, user innovation, and peer production–relate to theories of the firm, with particular attention on “sociality” in firms and markets. We first briefly review extant theories of the firm and then discuss three theoretical aspects of sociality related to crowds in the context of strategy, organizations, and innovation: (1) the functions of sociality (sociality as extension of rationality, sociality as sensing and signaling, sociality as matching and identity), (2) the forms of sociality (independent/aggregate and interacting/emergent forms of sociality), and (3) the failures of sociality (misattribution and misapplication). We conclude with an outline of future research directions and introduce the special issue papers and essays.Link

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