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On the Size Distribution of Business Firms
Robert E. Lucas, Jr.
The Bell Journal of Economics
Vol. 9, No. 2 (Autumn, 1978), pp. 508-523
Published by: RAND Corporation
Stable URL: http://www.jstor.org/stable/3003596
Page Count: 16
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This paper proposes a new theory of the size distribution of business firms. It postulates an underlying distribution of persons by managerial "talent" and then studies the division of persons into managers and employees and the allocation of productive factors across managers. The implications of the theory for secular changes in average firm size are developed and tested on U.S. time series.
The Bell Journal of Economics © 1978 RAND Corporation