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1、SmithianGrowththroughCreativeOrganization∗PatrickLegros,†AndrewF.Newman,‡andEugenioProto§March2006AbstractWeconsideranendogenousgrowthmodelinwhichappropriateorganizationfostersinnovation,butbecauseofcontractibilityproblems,thisbenefitcannotbeinternalized.Theorganizationaldesignelem
2、entwefocusonisthedivisionoflabor,whichasAdamSmithargued,facilitatesinventionbyobserversoftheproductionprocess.However,entrepreneurschooseitslevelonlytofacilitatemonitoringtheirworkers.Whetherthereisinnovationandgrowthdependsontheinteractionofthemarketsforlaborandforinventions.Beca
3、useofacreditmarketimperfection,therelativescarcityofentrepreneursandworkersdependsonthewealthdistribution.Ahighlevelofspecializationischosenwhenthewageshareislow,i.e.whentherearefewwealthy.Butinthiscasetherearealsofewentrepreneursandaconsequentsmallmarketforinnovations,whichdiscou
4、ragesinventiveactivity.Whentherearemanywealthy,theinnovationmarketislarge,buttherateofinventionislowbecausethereislittlespecializa-tion.Sustainedtechnologicalprogressandeconomicgrowththereforerequireonlymoderatelevelsofinequality.Themodelalsosuggeststhatthegrowthrateneednotbemonot
5、onicinthe"qualityofinstitutions,"suchasthedegreeofcreditmarketimperfection.∗Preliminary.WearegratefultoDaronAcemoglu,PhilippeAghion,RolandBenabou,MaristellaBotticini,SteveBroadberry,MicaelCastanheira,NickCrafts,BobMargo,FrédéricRobert-Nicoud,JimRobinson,KenSokoloff,PhilippeWeil,and
6、FabrizioZilibottiforusefuldiscussion.†ECARES,UniversitéLibredeBruxelles;andCEPR‡BostonUniversityandCEPR§UniversityofWarwick11IntroductionIstechnologicalprogressbornofproperorganization?Therearegoodreasonstobe-lievethatitis.Likeotherhumanendeavours,inventiondependsonincentives.Theo
7、rganizationoffirms,natureofcontractingarrangementsandenforcementofpropertyrightsallinfluencetheproductionofinventions,muchastheydoforothergoods.1Apartfromthequestionofwhatformsoforganizationbestpromoteinvention,whichforafullanswermustdependonfieldsoutsideeconomics(e.g.cognitiveandsoc
8、ialpsychology,industrialengineeri
