, falling labor share and accumulation of a large foreign surplus. The theory makes only minimal deviations from a neoclassical … assets, generating a foreign surplus. We test some auxiliary implications of the theory and find robust empirical support. …

find no evidence that fixed investment is the only or main source of ignition for economic growth. …

and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital … allocation of capital may, however, enhance the quantity as well as the quality of new investment and sustain growth. Empirical … thereby inhibiting economic growth. The results also suggest that abundant natural resources may hurt saving and investment …

central to this period but not to be a pure neoclassical phenomenon. It is argued that theory has run ahead of measurement and …-ante returns on investment. …