Coordination failures and government policy: A model with applications to East Asia and Eastern Europe

• 成果类型: Article
• 署名作者: Rodrik, D
• 署名单位: Centre for Economic Policy Research - UK; National Bureau of Economic Research
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/0022-1996(95)01386-5
• 发表日期: 1996
• 页码: 1-22
• 关键词: wage policy; trade strategy

摘要

Poor countries must specialize in standardized, labor-intensive commodities. Middle-income countries may have a richer menu of options if their labor force is reasonably well educated and skilled. The multiplicity of equilibria is due to a coordination problem inherent in activities that require specialized inputs. If no intermediate inputs are presently produced, there may be little incentive for any single firm to do so on its own. The economy may get stuck in a low-wage, low-tech equilibrium. An investment subsidy or a minimum-wage policy can enhance welfare by moving the economy to a superior equilibrium.