Bruhn Karlan Schoar (2010) - What Capital Is Missing In Developing Countries
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- Bruhn, M., D. Karlan, A. Schoar (2010), "What capital is missing in developing countries", American Economic Review, May. pdf
What capital is missing in developing countries? We put forward "managerial capital," which is distinct from human capital, as a key missing form of capital in developing countries. And it has also been curiously missing in the research on growth and development. We argue in this paper that lack of managerial capital has broad implications for firm growth as well as for the effectiveness of other input factors.