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A New View of Economic Growth$
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Maurice FitzGerald Scott

Print publication date: 1991

Print ISBN-13: 9780198287421

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287429.001.0001

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Growth of the Firm and Industry

Growth of the Firm and Industry

Chapter:
(p.243) 9 Growth of the Firm and Industry
Source:
A New View of Economic Growth
Author(s):

Maurice FitzGerald Scott

Publisher:
Oxford University Press
DOI:10.1093/0198287429.003.0009

We now consider a non‐representative firm that is growing faster or slower than the whole economy, but which still satisfies the stylized facts of growth (chapter 2). The relative price of its output must then stay constant, and it is the level of this price that determines its rate of growth. A higher price is shown to be equivalent to a once‐and‐for‐all improvement in investment opportunities. Monopoly, diversification, borrowing, and managerial as opposed to shareholder objectives are all discussed, and animal spirits, which counter monopoly, are given an important role.

Keywords:   animal spirits, borrowing, diversification, investment opportunities, managerial objectives, monopoly, non‐representative firm, relative price

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