This paper considers the effects of fiscal and financial policy on economic growth in open and closed economies, when human capital formation by young households is constrained by the illiquidity of human wealth. Both endogenous and exogenous growth versions of the basic OLG model are analyzed....

This paper examines theory and evidence from recent studies into the contributions to economic growth of expenditure on education and on research and development. Investment in human capital has fundamentally different economic attributes to physical investment - exhibiting complementarity,...

Women's rights and economic development are highly correlated. Today, the discrepancy between the legal rights of women and men is much larger in developing compared to developed countries. Historically, even in countries that are now rich women had few rights before economic development took...

Two centuries ago, in most countries around the world, women were unable to vote, had no say over their own children or property, and could not obtain a divorce. Women have gradually gained rights in many areas of life, and this legal expansion has been closely intertwined with economic...

Über Jahrtausende hinweg entsprach der Lebensstandard fast aller Menschen weltweit mehr oder weniger dem Existenzminimum, bis er Ende des 18. Jahrhunderts drastisch anstieg. Viele Nationen genießen heute beispiellosen Wohlstand, andere haben den Sprung aus der wirtschaftlichen Stagnation noch...