The paper provides three principal results. First, we benchmark South African infrastructure performance in terms of access, pricing, and quality against key comparator groups of countries using the most recent World Bank benchmarking data base (2005). Second, we establish clear empirical links...

In this paper we use growth accounting methodology to study whether human capital explains a part of total factor productivity in transition. The results that are obtained are not in support of the theoretical findings of growth theory that human capital is a major determinant of growth and...

Time is ripe to look at the bonding institutions of Europe in a different way: as instruments able to change the internal dynamics of an economic system. These institutions will put a country attracted by a low and stable equilibrium output onto a path of economic growth. Questions such as under...

Capitalism’s inherent feature is “destructive creation”, said Marx. Decades later, in a similar fashion, Schumpeter stated that “Capitalist system incessantly revolutionizes the economic structure FROM WITHIN”. What are those dynamic forces causing the incessant changes in an economy?...