Читаем The Corporation and the Twentieth Century полностью

The Corporation and the Twentieth Century

account of the legal proceedings and the personalities involved, see Shlaes (2007, chapter 8). 270. Schechter also charged that “in certain provisions, [NIRA] was repugnant to the due process clause of the Fifth Amendment,” but the Court held that having found the law uncon-

stitutional on other grounds, it didn’t have to rule in the merits of this claim.

271. U.S. v. Butler, 297 U.S. 1 (1936).

272. Hawley (1966, pp. 192–93); Leuchtenburg (1963, pp. 172–73). This was, of course, a

period of severe drought in many parts of the country, and the collective-action problems of small farmers had led to the massive soil erosion of the “dust bowl.” These problems were ame- liorated after 1937 by the implementation of soil-conservation districts (Hansen and Libecap 2004). The allotment system had little effect on soil erosion.

273. Bernanke and Gertler (1995); Calomiris and Hubbard (1990).

274. Hunter (1982, p. 884).

275. Graham and Leary (2018, p. 4296). After the war, cash holdings slowly returned to pre-

Depression levels by about 1970.

276. Calomiris and Ramirez (1996, p. 157).

277. Bernstein (1987, p. 53).

278. Bresnahan and Raff (1991, pp. 320–21); Scott and Ziebarth (2015, p. 1103).

279. Bresnahan and Raff (1991).

280. This was so even though continuing plants had lower-than-average labor productivity,

probably because they rendered unemployed fewer workers relative to output declines than did failed firms. The larger firms were engaging in “labor hoarding.”

281. Lee (2015).

282. Bresnahan and Raff (1991, p. 329).

283. Scott and Ziebarth (2015).

284. Bernstein (1987, pp. 134–35).

285. Cooper and Haltiwanger (1993).

286. Field (2012).

287. See also Bakker et al. (2017) and Watanabe (2016).

288. He also cites the supply-side benefits of the build-out of the US highway system in the

1920s. I return to this in the context of rail and trucking below.

289. Field (2012, p. 56).

290. In these models, product innovation is compressed into process innovation. Whereas

process innovation is the ability to produce an existing product at lower costs, product innova- tion is represented as the ability to extract greater value from an existing product without in- creasing costs. Paul Romer recently won a Nobel Prize for thinking about the production of knowledge in this way. See for example Romer (1994).

291. Kline and Rosenberg (1986). 292. Hoddeson (1981, p. 516). 293. Mowery (1995, p. 149).

294. Kendrick (1961).

610 Notes to Chapter 6

295. Watanabe (2016, p. 919).

296. Holland and Spraragen (1933, p. 2).

297. Nanda and Nicholas (2014).

298. Lamoreaux and Sokoloff (1999).

299. Lamoreaux et al. (2011).

300. On the distinction between science-based products and complex-systems products, and

the importance of this distinction for intellectual property rights, see Merges and Nelson (1990). 301. Cohen and Levinthal (1989).

302. Nicholas (2009).

303. Lamoreaux et al. (2011).

304. Mowery (1983).

305. Lamoreaux et al. (2011, p. 236).

306. Holland and Spraragen (1933, p. 3).

307. Baldwin (2008); Langlois (1992b); Nelson and Winter (1977); Teece (1986).

308. For example, as we shall see, in the case of the personal computer. In order for systemic

innovation to proceed through market interfaces, the design involved has to be relatively modu- lar and the market has to be dense and sophisticated enough to provide the necessary components.

309. Mowery (1981, p. 113).

310. Lamoreaux et al. (2011); Mowery (1995).

311. Penrose (1959).

312. Chandler (1977, p. 467).

313. As we will see, this would be a central thesis of John Kenneth Galbraith (1967, p. 62)

among others.

314. Chandler (1962, p. 44).

315. Mowery (1983, p. 964).

316. Chandler (1962, pp. 79–83).

317. Chandler and Salsbury (1971, p. 381).

318. Hounshell and Smith (1988, pp. 119–23).

319. Mueller (1962). The company did accidentally invent what became Duco enamels for