"JoskowÂ’s explanation surely tells you something about when to be a freelancer - perhaps even when to stop playing the field and get married. Like east coast coal mines, it can be attractive to be footloose and fancy-free - provided you have alternatives and as long as you are not required to make serious investments that are specific to the relationship. My own marriage was swiftly followed by a relationship-specific investment. SheÂ’s nearly two and a half."
Coincidently, Tim Harford talks about different types of investment at a time that I learnt about different types of firm fodifferentnt types of capitalism. Anglo-Saxon capitalist requires flexible firms with non-specific capital (human and physical); social welfare capitalism concentrates on specific capital. The Anglo-Saxon model is flexible and innovative in the product but is not good at developiniterativeve improvements in the production process. There were papers presented at the conference that I attended that suggested that FDI was directed to particular countries according to whether they could bcategoriseded as Angle-Saxon or Welfare state firms.
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