The growth process for a technological leader is different from that of a follower. While followers can grow through imitation and capital deepening, a leader must undertake original research. This suggests that as the gap between the leader and the follower narrows, the follower must undertake...

After a dramatic slowdown of the 1970s, productivity growth in UK manufacturing in the 1980s returned to something like its pre-slowdown trend. This paper constructs a quarterly dynamic model of TFP growth in UK manufacturing using cointegration techniques, correcting for a variety of...

A positive correlation between relative position and the neurotransmitter serotonin exists in non-human primates, within an optimal range. This paper explores the reasons of this correlation. The main function of serotonin appears cognitive: it determines how optimally agents perceive and behave...

Why might there be a long-run trade-off between growth and unemployment? In general equilibrium, the returns on the factors of production are interdependent. This paper develops a model where the determination of the wage is central to the evolution of these incentives. The incentive to hire...

Fingold and Soskice (1988) argue that Britain is trapped in a "low-skills" equilibrium. In Redding (1996), this notion is formalized in a dynamic model which relies on strategic complementarities between firms' investments in R&D and workers' investments in human capital. In this paper, we...

A positive correlation between relative position and the neurotransmitter serotonin exists in non-human primates, within an optimal range. This paper explores the reasons of this correlation. The main function of serotonin appears cognitive: it determines how optimally agents perceive and behave...

An increasingly important organisational design problem for many firms is to recoup general human capital rents while maintaining attractive career prospects for workers. We explore the role of information management in this context. In our model, an information management policy determines the...

The rapid rise in schooling in developing countries in recent decades has been dramatic. However, many cross-country regression analyses of the impact of schooling on economic growth find low and insignificant coefficients. This empirical `puzzle` contrasts with theoretical arguments that...

The paper estimates cross-province growth regressions for China over the period of economic reform.  It first addresses the problem of model uncertainty by adopting two approaches to model selection, Bayesian Model Averaging and the automated General-to-Specific approach, to consider a wide...