Microcredit and other forms of small-scale nance have failed to catalyze entrepreneurship in developing countries. In these credit markets, borrowers and lenders often bargain over not only the division of surplus but also contractual exibility. We show these lending relationships may lead to endoge...

The study of economic growth is concerned with long-run changes, and therefore, historical data should be especially influential in informing the development of new theories. In this review, we draw on the recent literature to highlight areas in which study of history has played a particularly promi...

An exploration of venture financing in America, from its origins in the whaling industry to the rise of Silicon Valley, that shows how venture capital (VC) created an epicenter for the development of high-tech innovation. The VC industry arose from the United States’ long-running orientation toward ...

Talent is the most precious resource for today’s knowledge-based economy, and a significant share of the U.S. skilled workforce in technology fields is foreign born. The United States has long held a leading position in attracting global talent, but the gap to other countries is shrinking. Immigrati...