Jump to ContentJump to Main Navigation
A New View of Economic Growth$
Users without a subscription are not able to see the full content.

Maurice FitzGerald Scott

Print publication date: 1991

Print ISBN-13: 9780198287421

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287429.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 01 October 2020

Growth of the Firm and Industry

Growth of the Firm and Industry

(p.243) 9 Growth of the Firm and Industry
A New View of Economic Growth

Maurice FitzGerald Scott

Oxford University Press

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .