The innovative approach presented introduces a modified neoclassical growth model which includes a new bias of technological progress in a quasi-endogenous growth model in which part of labor is used in the research & development sector. The combination of a macroeconomic production function and...

The 1980s have witnessed the globalization of markets and an intensified international competition. The rise of the newly industrializing countries and the growth of multinational enterprises-developing parallely to foreign direct investments-have contributed considerably to this trend. However,...

This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...