By Mike Cummings
January 13, 2021
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Workers at a textile company in India. (Photo credit: Vestal McIntyre)
In today’s economy, American businesses often tap into professional management to grow. But most firms in India and other developing countries are family owned and often shun hiring non-relatives to manage their companies. A new study co-authored by Yale economist Michael Peters explores the effects that the absence of outside professional management has on India’s businesses and the country’s economy.
The study, published in the American Economic Review, uses a novel model to compare the relationship between the efficiency of outside managers and firm growth in the United States and India. It shows that the lack of managerial delegation factors significantly into why businesses in India tend to stay small and has wider implications on the country’s economy, constrai
By Lisa Qian
January 7, 2021
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Paul Kuznets (second from left) with colleagues from the Bank of Korea during the 1966-67 academic year as part of the Country Studies program. Photo courtesy Paul Kuznets.
United Nations consultant, algorithmic stock trader, chief economist of the Office of Management and Budget, Marxist theorist. These are just some of the jobs held by the alumni of the Country Studies program, the flagship research agenda of Yale’s Economic Growth Center (EGC).
When the EGC was founded in 1961, it sent 25 young economists into the field to gather data and write books on the economies of developing countries. But the impact of this effort, known as the Country Studies program, transcends the volumes that were ultimately published. The program shaped careers and networks that have been influential not just within academia, but also to governments, international o