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Michael Peters
Michael Peters is Assistant Professor of Economics at Yale University. He is a macroeconomist with a focus on development economics and long run economic growth. He has worked on the importance of imperfect competition in product markets in Indonesia, the process of creative destruction – or lack thereof – in the manufacturing sector in India, and the long-run consequences of population movements in Europe after the Second World War. After receiving his Ph.D. from the Massachusetts Institute of Technology (MIT), Michael spent one year as a Postdoctoral Fellow at the Cowles Foundation and subsequently held an Assistant Professor position at the London School of Economics (LSE).
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India’s service-led economic growth
Structural transformation that involves a shift from agriculture straight to services, is a cause of concern to many scholars as an expanding service sector might be a pale substitute to technical progress in manufacturing as the main engine of growth. Analysing microdata from India for 1987-2011, this article shows that lack of pronounced industrialisation does not mean that growth is bound to fall. However, India’s service-led growth is strikingly pro-rich.
‘Outside’ managers’ productivity, firm dynamics, and economy growth
In developed countries, many industrial giants have humble beginnings as small, family-owned businesses, but nonetheless expand to hundreds of thousands of employees over time by relying on professional managers running key operations. Why does this not occur to the same degree in India? This article explores how the lower productivity of ‘outside’ managers in developing economies impacts firm growth.