Small Enterprises, Large Firms, Productivity Growth And Wages

摘要

There have been periods when wage increases have fallen behind the growth of productivity in the economy. But, viewed historically and over longer periods, this has been the exception. Surely the unparalleled explosion in productivity in the past two centuries has brought with it a corresponding expansion in the wages of labor. Since the following pages are intended to focus on the longer run rather than on transient developments, it follows that what is said about the time path of productivity can be taken to apply to the trajectory of real wages. The discussion here will focus on the special role of the innovative entrepreneur in the economic growth process and consider policy that can serve to facilitate and stimulate the entrepreneur's contribution to productivity.