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New research on economics from Harvard Business School faculty on issues including economic theory, economic slowdown and stagnation, economic growth, and economic sectors.
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The Unconventional Capitalism That Shapes Business History

by Geoffrey G. Jones

Geoffrey G. Jones reports on a business history conference studying the many shades of capitalism around the world and through time. Open for comment; Comment(s) posted.

Rehabilitating Corporate Purpose

by Malcolm S. Salter

Shareholder value maximization has become the de facto expression of the institutional purpose guiding many managers’ decision making. The author proposes an alternative, justice-based guideline for corporate purpose based on established moral and organizational principles.

The 'Amazon Effect' Is Changing Online Price Competition—and the Fed Needs to Pay Attention

by Roberta Holland

Amazon's power in the retail sector puts price pressure on what competitors charge, with implications for how federal regulators govern inflation, says Alberto F. Cavallo. Open for comment; Comment(s) posted.

Government Technology Policy, Social Value, and National Competitiveness

by Frank Nagle

This study examines the impact of a French law requiring government agencies to favor open source software (OSS) over proprietary software in technology procurement processes. Results suggest a cost-effective policy lever that countries can use to both create global social value and increase their own national competitiveness.

Does Our Bias Against Federal Deficits Need Rethinking?

by James Heskett

SUMMING UP. Readers lined up to comment on James Heskett's question on whether federal deficit spending as supported by Modern Monetary Theory is good or evil. Open for comment; Comment(s) posted.

The Secret Life of Supply Chains

by Michael Blanding

While US policymakers and politicians focus on reviving the manufacturing sector, Mercedes Delgado and Karen Mills unearth a source of better jobs hidden in plain sight. Call it the supply chain economy. Open for comment; Comment(s) posted.

In the Shadows? Informal Enterprise in Non-Democracies

by Kristin Fabbe, Allison Spencer Hartnett, and Steve L. Monroe

With the informal economy representing a third of the GDP in an average Middle East and North African country, why do chronically indebted regimes tolerate such a large and untaxed shadow economy? Among this study’s findings, higher rates of public sector employment correlate with greater permissibility of firm informality.

The UK Needs a Bold Strategy Around Competition to Survive Brexit

by Michael Blanding

There is little doubt that the United Kingdom’s separation from Europe will reduce its competitiveness for the foreseeable future, argues Michael E. Porter. Here's what can be done about it. Open for comment; Comment(s) posted.

The Better Way to Forecast the Future

by Roberta Holland

We can forecast hurricane paths with great certainty, yet many businesses can't predict a supply chain snafu just around the corner. Yael Grushka-Cockayne says crowdsourcing can help. Open for comment; Comment(s) posted.

The Digital Commons: Tragedy or Opportunity? A Reflection on the 50th Anniversary of Hardin’s Tragedy of the Commons

by Frank Nagle

Garrett Hardin’s Science article “The Tragedy of the Commons” 50 years ago focused on a physical world where common goods are finite and rivalrous. By contrast, this paper explores the digital commons, calling for better understanding of its long-term impact and for government policies supporting benefits while mitigating costs.

Free Trade Needs Nurturing—and Other Lessons from History

by Staff

Global free trade is not the natural order of things, so it needs to be carefully tended to and maintained. Sophus Reinert and Dante Roscini discuss trade over time and what history teaches. Open for comment; Comment(s) posted.

Oral History and Writing the Business History of Emerging Markets

by Geoffrey Jones and Rachael Comunale

Oral history is a valuable resource to explore how businesses developed and functioned in Africa, Asia, and Latin America, regions with a growing share of global economic activity and the majority of the world’s population. While oral history is not uncritical, it provides openings for opinions, voices, and judgements on events on which there was often silence.

Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 5 Complementarity

by Carliss Y. Baldwin

Even as economics has theories about what assets and activities should be grouped together under common ownership and unified governance, in practice it sometimes makes sense to distribute complementary assets, skills, and activities across separate organizations. This paper investigates when and how this happens.

Hunting for a Hot Job in High Tech? Try 'Digitization Economist'

by Roberta Holland

Amazon has more economists on staff than any university economics department, and technology firms are snapping them up the minute they graduate, says Michael Luca. Why? Call it the economics of digitization. Open for comment; Comment(s) posted.

UK Competitiveness after Brexit

by Michael E. Porter

This paper discusses the UK’s economic performance and policy approach in the run-up to the June 2016 Brexit referendum, analyzes the impact of European Union membership and loss of membership on UK competitiveness, and sets forth a new strategic agenda to enhance UK competitiveness in the post-Brexit era.

Did Entrepreneur Ernesto Tornquist Help or Hurt Argentina?

Re: Geoffrey G. Jones

Geoffrey Jones examines the career of Ernesto Tornquist, a cosmopolitan financier considered to be the most significant entrepreneur in Argentina at the end of the 19th century. Open for comment; Comment(s) posted.

Why Entrepreneurs Must Focus on Building Trust

by Dina Gerdeman

Legal and social institutions that support entrepreneurs often aren't well established in developing countries. Tarun Khanna's new book explains how businesses can make up for that by building trust. Open for comment; Comment(s) posted.

Gifts of the Immigrants, Woes of the Natives: Lessons from the Age of Mass Migration

by Marco Tabellini

Investigating the economic and political effects of immigration across US cities between 1910 and 1930, this paper finds that political opposition to immigration can arise even when immigrants bring widespread economic benefits. The paper provides evidence that cultural differences between immigrants and natives were responsible, at least in part, for natives’ anti-immigration reactions.

Economic Integration and Democracy: An Empirical Investigation

by Giacomo Magistretti and Marco Tabellini

Economic integration reduces or eliminates trade barriers and coordinates monetary and fiscal policies. This study suggests that demand for democracy increases with economic integration due to the presence of a learning and cultural transmission channel, so less democratic countries learn from the institutions of their (more) democratic partners.

Are Free Trade and Free Markets Quaint Ideas From the Past?

by James Heskett

SUMMING UP: Free trade and free markets are great concepts but are often corrupted by politics, globalization, and the relative power of consumers and workers, our readers suggest. Open for comment; Comment(s) posted.