O-RING THEORY OF ECONOMIC DEVELOPMENT

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Michael Kremer formulated the O-ring theory in His article, “The O-ring Theory of Economic Development,” published in the Quarterly Journal of Economics 
It presents a production function in which production consists of many tasks, all of which must be successfully completed for the product to have full value. 
The O-Ring Theory owes its name to the National Aeronautics and Space Administration disaster in 1986, involving the space shuttle Challenger 
The high temperature at which the shuttle was launched, which caused it to explode.
The full length article is available at following link 


 http://upsconline.com/o-ring-theory-of-economic-development/

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