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SMALL FIRMS AND ECONOMIC GROWTH
For years the small-firm sector of the economy remained an enigma. However, recently researchers have assembled a far better understanding of the economic role of small firms. One of the surprising findings is that small and medium-sized firms, and entrepreneurship, have become increasingly more important to the economies of both developed and developing countries than previously acknowledged. The purpose of these volumes is to bring together for the first time this diffuse and rich literature on the whole subject of small firms and economic growth. This volume will provide a basic resource for all those engaged with the subject as students, teachers and researchers.
More Information
Critical Acclaim
Contributors
Contents
More Information
For years the small-firm sector of the economy remained an enigma. However, recently researchers have assembled a far better understanding of the economic role of small firms. One of the surprising findings is that small and medium-sized firms, and entrepreneurship, have become increasingly more important to the economies of both developed and developing countries than previously acknowledged.
The purpose of these volumes is to bring together for the first time this diffuse and rich literature on the whole subject of small firms and economic growth. This volume will provide a basic resource for all those engaged with the subject as students, teachers and researchers.
The purpose of these volumes is to bring together for the first time this diffuse and rich literature on the whole subject of small firms and economic growth. This volume will provide a basic resource for all those engaged with the subject as students, teachers and researchers.
Critical Acclaim
‘The volumes start with a cultured and learned introduction to small business economics, and its core literature, by Professor Zoltan Acs. He is to be congratulated on providing a great service to the profession with this magisterial collection of papers.’
– Gavin C. Reid, The Economic Journal
– Gavin C. Reid, The Economic Journal
Contributors
Contributors: D.S. Evans, J.M. Keynes, R.E. Lucas, K. Marx, J.A. Schumpeter, G. Stigler, J. Viner
Contents
Contents:
Acknowledgments
Introduction
VOLUME I
Part I: The Long View
1. Adam Smith (1976), ‘Of the Division of Labour’
2. Karl Marx (1929), ‘Historical Tendency of Capitalist Accumulation’
3. Alfred Marshall (1947), ‘Conclusion, Correlation of the Tendencies to Increasing and to Diminishing Return’
4. John Maynard Keynes (1972), ‘The End of Laissez-Faire’
5. Joseph A. Schumpeter (1950), ‘Crumbling Walls’
Part II: The Short View
6. Michael J. Piore and Charles F. Sabel (1984), ‘Possibilities for Prosperity: International Keynesianism and Flexible Specialization’
7. William A. Brock and David S. Evans (1989), ‘Small Business Economics’
8. Gary Loveman and Werner Sengenberger (1991), ‘The Re-emergence of Small-Scale Production: An International Comparison’
Part III: The Size Distribution of Firms
9. Jacob Viner (1932), ‘Cost Curves and Supply Curves’
10. Robert E. Lucas, Jr. (1978), ‘On The Size Distribution of Business Firms’
11. Boyan Jovanovic (1982), ‘Selection and the Evolution of Industry’
12. Hugo A. Hopenhayn (1992), ‘Entry, Exit, and Firm Dynamics in Long Run Equilibrium’
Part IV: Entry, Exit, Growth and Survival
13. David S. Evans (1987), ‘Tests of Alternative Theories of Firm Growth’
14. Timothy Dunne, Mark J. Roberts and Larry Samuelson (1988), ‘Patterns of Firm Entry and Exit in U.S. Manufacturing Industries’
15. Timothy Dunne, Mark J. Roberts and Larry Samuelson (1989), ‘The Growth and Failure of U.S. Manufacturing Plants’
16. Tito Boeri (1994), ‘Why are Establishments so Heterogeneous?’
Part V: Innovation, Firm Size and Technological Change
17. Michael Gort and Steven Klepper (1982), ‘Time Paths in the Diffusion of Product Innovations’
18. Kenneth J. Arrow (1983), ‘Innovation in Large and Small Firms’
19. Sidney G. Winter (1984), ‘Schumpeterian Competition in Alternative Technological Regimes’
20. Zoltan J. Acs and David B. Audretsch (1988), ‘Innovation in Large and Small Firms: An Empirical Analysis’
21. Albert N. Link and John Rees (1991), ‘Firm Size, University-based Research and the Returns to R&D’
22. Zoltan J. Acs and David B. Audretsch (1993), ‘Innovation and Firm Size: The New Learning’
Part VI: Firm Size, Entrepreneurship and Economic Growth
23. William J. Baumol (1990), ‘Entrepreneurship: Productive, Unproductive, and Destructive’
24. Thomas J. Holmes and James A. Schmitz, Jr. (1990), ‘A Theory of Entrepreneurship and Its Application to the Study of Business Transfers’
25. Gavin C. Reid (1991), ‘Staying in Business’
26. Sharon Gifford (1992), ‘Innovation, Firm Size and Growth in a Centralized Organization’
27. Laura d’Andrea Tyson, Tea Petrin and Halsey Rogers (1994), ‘Promoting Entrepreneurship in Eastern Europe’
Part VII: Liquidity Constraints and Small Firm Finance
28. Steven M. Fazzari, R. Glenn Hubbard and Bruce C. Petersen (1988), ‘Financing Constraints and Corporate Investment’
29. David S. Evans and Boyan Jovanovic (1989), ‘An Estimated Model of Entrepreneurial Choice under Liquidity Constraints’
30. Douglas Holtz-Eakin, David Joulfaian and Harvey S Rosen (1994), ‘Sticking It Out: Entrepreneurial Survival and Liquidity Constraints’
31. Nico van der Wijst and Roy Thurik (1993), ‘Determinants of Small Firm Debt Ratios: An Analysis of Retail Panel Data’
32. Joshua Lerner (1994), ‘Venture Capitalists and the Decision to go Public’
33. D. J. Storey (1994), ‘New Firm Growth and Bank Financing’
VOLUME II
Part I: The Role of Small Firms
1. Lawrence J. White (1982), ‘The Determinants of the Relative Importance of Small Business’
2. Ralph M. Bradburd and David R. Ross (1989), ‘Can Small Firms Find and Defend Strategic Niches?’ A Test of the Porter Hypothesis’
3. M. E. Beesley and R. T. Hamilton (1984), ‘Small Firms’
4. David B. Audretsch and Zoltan J. Acs (1990), ‘The Entrepreneurial Regime, Learning and Industry Turbulence’
5. Gerald A. McDermott and Michael Mejstrik (1992), ‘The Role of Small Firms in the Industrial Development and Transformation of Czechoslovakia’
6. Sang V. Nguyen and Arnold P. Reznek (1991), ‘Returns to Scale in Small and Large U. S. Manufacturing Establishments’
Part II: Job Generation
7. Catherine Armington and Marjorie Odle (1982), ‘Small Business - How Many Jobs?’
8. Charles Brown, James Hamilton and James Medoff (1990), ‘Who Benefits?’
9. Steven J. Davis and John Haltiwanger (1992), ‘Gross Job Creation, Gross Job Destruction, and Employment Reallocation’
10. Michael Fritsch (1993), ‘The Role of Small Firms in West Germany’
Part III: Employment and Earnings
11. Andrew Weiss and Henry J. Landau (1984), ‘Wages, Hiring Standards, and Firm Size’
12. Charles Brown and James Medoff (1989), ‘The Employer Size - Wage Effect’
13. David S. Evans and Linda S. Leighton (1989), ‘Why Do Small Firms Pay Less?’
Part IV: Industrial Districts and Production Networks
14. Mark H. Lazerson (1988), ‘Organizational Growth of Small Firms: An Outcome of Markets and Hierarchies?’
15. Yoshio Sato (1983), ‘The Subcontracting Production (Shitauke) System in Japan’
16. AnnaLee Saxenian (1991), ‘The Origins and Dynamics of Production Networks in Silicon Valley’
Part V: R&D Spillovers and Innovative Activity
17. Adam B. Jaffe (1989), ‘Real Effects of Academic Research’
18. Zoltan J. Acs, David B. Audretsch and Maryann P. Feldman (1994), ‘R&D Spillovers and Recipient Firm Size’
Part VI: Flexibility and Firm Size
19. George Stigler (1939), ‘Production and Distribution in the Short Run’
20. John M. Blair (1948), ‘Does Large-Scale Enterprise Result in Lower Costs? Technology and Size’
21. David E. Mills and Laurence Schumann (1985), ‘Industry Structure with Fluctuating Demand’
22. Bo Carlsson (1984), ‘The Development and Use of Machine Tools in Historical Perspective’
23. Bo Carlsson, David B. Audretsch and Zoltan J. Acs (1994), ‘Flexible Technology and Plant Size: U.S. Manufacturing and Metalworking Industries’
Part VII: Time-Series Analysis of Self-Employment
24. David M. Blau (1987), ‘A Time-Series Analysis of Self-Employment in the United States’
25. Hedley Rees and Anup Shah (1986), ‘An Empirical Analysis of Self-Employment in the U.K.’
26. David G. Blanchflower and Bruce D. Meyer (1994), ‘A Longitudinal Analysis of the Young Self-Employed in Australia and the United States’
Part VIII: Developing Countries
27. I. M. D. Little (1987), ‘Small Manufacturing Enterprises in Developing Countries’
28. Wim P.M. Vijverberg (1992), ‘Measuring Income from Family Enterprises with Household Surveys’
29. Dennis A. Rondinelli and John D. Kasarda (1992), ‘Foreign Trade Potential, Small Enterprise Development and Job Creation in Developing Countries’
Part IX: Regulation, Deregulation and Competition Policy
30. William G. Shepherd (1982), ‘Causes of Increased Competition in the U.S. Economy, 1939-1980’
31. William A. Brock and David S. Evans (1985), ‘The Economics of Regulatory Tiering’
32. K. Aiginger and G. Tichy (1991), ‘Small Firms and the Merger Mania’
33. Felix R. FitzRoy (1990), ‘Employment, Entrepreneurship and 1992: Microeconomic Policy and European Problems’
Acknowledgments
Introduction
VOLUME I
Part I: The Long View
1. Adam Smith (1976), ‘Of the Division of Labour’
2. Karl Marx (1929), ‘Historical Tendency of Capitalist Accumulation’
3. Alfred Marshall (1947), ‘Conclusion, Correlation of the Tendencies to Increasing and to Diminishing Return’
4. John Maynard Keynes (1972), ‘The End of Laissez-Faire’
5. Joseph A. Schumpeter (1950), ‘Crumbling Walls’
Part II: The Short View
6. Michael J. Piore and Charles F. Sabel (1984), ‘Possibilities for Prosperity: International Keynesianism and Flexible Specialization’
7. William A. Brock and David S. Evans (1989), ‘Small Business Economics’
8. Gary Loveman and Werner Sengenberger (1991), ‘The Re-emergence of Small-Scale Production: An International Comparison’
Part III: The Size Distribution of Firms
9. Jacob Viner (1932), ‘Cost Curves and Supply Curves’
10. Robert E. Lucas, Jr. (1978), ‘On The Size Distribution of Business Firms’
11. Boyan Jovanovic (1982), ‘Selection and the Evolution of Industry’
12. Hugo A. Hopenhayn (1992), ‘Entry, Exit, and Firm Dynamics in Long Run Equilibrium’
Part IV: Entry, Exit, Growth and Survival
13. David S. Evans (1987), ‘Tests of Alternative Theories of Firm Growth’
14. Timothy Dunne, Mark J. Roberts and Larry Samuelson (1988), ‘Patterns of Firm Entry and Exit in U.S. Manufacturing Industries’
15. Timothy Dunne, Mark J. Roberts and Larry Samuelson (1989), ‘The Growth and Failure of U.S. Manufacturing Plants’
16. Tito Boeri (1994), ‘Why are Establishments so Heterogeneous?’
Part V: Innovation, Firm Size and Technological Change
17. Michael Gort and Steven Klepper (1982), ‘Time Paths in the Diffusion of Product Innovations’
18. Kenneth J. Arrow (1983), ‘Innovation in Large and Small Firms’
19. Sidney G. Winter (1984), ‘Schumpeterian Competition in Alternative Technological Regimes’
20. Zoltan J. Acs and David B. Audretsch (1988), ‘Innovation in Large and Small Firms: An Empirical Analysis’
21. Albert N. Link and John Rees (1991), ‘Firm Size, University-based Research and the Returns to R&D’
22. Zoltan J. Acs and David B. Audretsch (1993), ‘Innovation and Firm Size: The New Learning’
Part VI: Firm Size, Entrepreneurship and Economic Growth
23. William J. Baumol (1990), ‘Entrepreneurship: Productive, Unproductive, and Destructive’
24. Thomas J. Holmes and James A. Schmitz, Jr. (1990), ‘A Theory of Entrepreneurship and Its Application to the Study of Business Transfers’
25. Gavin C. Reid (1991), ‘Staying in Business’
26. Sharon Gifford (1992), ‘Innovation, Firm Size and Growth in a Centralized Organization’
27. Laura d’Andrea Tyson, Tea Petrin and Halsey Rogers (1994), ‘Promoting Entrepreneurship in Eastern Europe’
Part VII: Liquidity Constraints and Small Firm Finance
28. Steven M. Fazzari, R. Glenn Hubbard and Bruce C. Petersen (1988), ‘Financing Constraints and Corporate Investment’
29. David S. Evans and Boyan Jovanovic (1989), ‘An Estimated Model of Entrepreneurial Choice under Liquidity Constraints’
30. Douglas Holtz-Eakin, David Joulfaian and Harvey S Rosen (1994), ‘Sticking It Out: Entrepreneurial Survival and Liquidity Constraints’
31. Nico van der Wijst and Roy Thurik (1993), ‘Determinants of Small Firm Debt Ratios: An Analysis of Retail Panel Data’
32. Joshua Lerner (1994), ‘Venture Capitalists and the Decision to go Public’
33. D. J. Storey (1994), ‘New Firm Growth and Bank Financing’
VOLUME II
Part I: The Role of Small Firms
1. Lawrence J. White (1982), ‘The Determinants of the Relative Importance of Small Business’
2. Ralph M. Bradburd and David R. Ross (1989), ‘Can Small Firms Find and Defend Strategic Niches?’ A Test of the Porter Hypothesis’
3. M. E. Beesley and R. T. Hamilton (1984), ‘Small Firms’
4. David B. Audretsch and Zoltan J. Acs (1990), ‘The Entrepreneurial Regime, Learning and Industry Turbulence’
5. Gerald A. McDermott and Michael Mejstrik (1992), ‘The Role of Small Firms in the Industrial Development and Transformation of Czechoslovakia’
6. Sang V. Nguyen and Arnold P. Reznek (1991), ‘Returns to Scale in Small and Large U. S. Manufacturing Establishments’
Part II: Job Generation
7. Catherine Armington and Marjorie Odle (1982), ‘Small Business - How Many Jobs?’
8. Charles Brown, James Hamilton and James Medoff (1990), ‘Who Benefits?’
9. Steven J. Davis and John Haltiwanger (1992), ‘Gross Job Creation, Gross Job Destruction, and Employment Reallocation’
10. Michael Fritsch (1993), ‘The Role of Small Firms in West Germany’
Part III: Employment and Earnings
11. Andrew Weiss and Henry J. Landau (1984), ‘Wages, Hiring Standards, and Firm Size’
12. Charles Brown and James Medoff (1989), ‘The Employer Size - Wage Effect’
13. David S. Evans and Linda S. Leighton (1989), ‘Why Do Small Firms Pay Less?’
Part IV: Industrial Districts and Production Networks
14. Mark H. Lazerson (1988), ‘Organizational Growth of Small Firms: An Outcome of Markets and Hierarchies?’
15. Yoshio Sato (1983), ‘The Subcontracting Production (Shitauke) System in Japan’
16. AnnaLee Saxenian (1991), ‘The Origins and Dynamics of Production Networks in Silicon Valley’
Part V: R&D Spillovers and Innovative Activity
17. Adam B. Jaffe (1989), ‘Real Effects of Academic Research’
18. Zoltan J. Acs, David B. Audretsch and Maryann P. Feldman (1994), ‘R&D Spillovers and Recipient Firm Size’
Part VI: Flexibility and Firm Size
19. George Stigler (1939), ‘Production and Distribution in the Short Run’
20. John M. Blair (1948), ‘Does Large-Scale Enterprise Result in Lower Costs? Technology and Size’
21. David E. Mills and Laurence Schumann (1985), ‘Industry Structure with Fluctuating Demand’
22. Bo Carlsson (1984), ‘The Development and Use of Machine Tools in Historical Perspective’
23. Bo Carlsson, David B. Audretsch and Zoltan J. Acs (1994), ‘Flexible Technology and Plant Size: U.S. Manufacturing and Metalworking Industries’
Part VII: Time-Series Analysis of Self-Employment
24. David M. Blau (1987), ‘A Time-Series Analysis of Self-Employment in the United States’
25. Hedley Rees and Anup Shah (1986), ‘An Empirical Analysis of Self-Employment in the U.K.’
26. David G. Blanchflower and Bruce D. Meyer (1994), ‘A Longitudinal Analysis of the Young Self-Employed in Australia and the United States’
Part VIII: Developing Countries
27. I. M. D. Little (1987), ‘Small Manufacturing Enterprises in Developing Countries’
28. Wim P.M. Vijverberg (1992), ‘Measuring Income from Family Enterprises with Household Surveys’
29. Dennis A. Rondinelli and John D. Kasarda (1992), ‘Foreign Trade Potential, Small Enterprise Development and Job Creation in Developing Countries’
Part IX: Regulation, Deregulation and Competition Policy
30. William G. Shepherd (1982), ‘Causes of Increased Competition in the U.S. Economy, 1939-1980’
31. William A. Brock and David S. Evans (1985), ‘The Economics of Regulatory Tiering’
32. K. Aiginger and G. Tichy (1991), ‘Small Firms and the Merger Mania’
33. Felix R. FitzRoy (1990), ‘Employment, Entrepreneurship and 1992: Microeconomic Policy and European Problems’