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UID:99259b0be9c1e544cb9f2ead683bb2b1
CATEGORIES:Seminars
CREATED:20240708T130422
SUMMARY:Todd Schoellman - Federal Reserve Bank of Minneapolis
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nEconomic Development According to Chandler\n\n\nAbstract:\nBusiness his
 torian Alfred Chandler showed that firms in the Second Industrial Revolutio
 n had to adopt managerial capitalism to benefit fully from new technologies
  that leveraged economies of scale or scope and raised productivity. We sho
 w that the same forces are relevant for understanding economic development 
 today. Large firms around the world use white-collar labor more intensively
 . Developing countries have low shares of white-collar workers, accounted f
 or entirely by low skill levels. Motivated by these facts, we develop a mul
 ti-sector general equilibrium model of the link between skills and the adop
 tion of managerial capitalism. The model extends the occupational choice mo
 del of Lucas (1978) by allowing entrepreneurs to decide the share of admini
 strative tasks performed by hired professionals. Professionalizing a higher
  share of tasks brings the firm closer to constant returns to scale and lea
 ds to larger firm size. We calibrate the model to replicate joint patterns 
 of education, firm size, sectoral choices, and occupational choices in the 
 average middle-income country. Our counterfactuals show that growth in the 
 supply of skills can help explain the adoption of managerial capitalism, wh
 ereas structural transformation by itself cannot.\n
DTSTAMP:20260423T021256Z
DTSTART:20241007T163000Z
DTEND:20241007T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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