total factor productivity growth and levels of investment. Political instability is also found to influence levels of … investment in physical and human capital. Our results suggest that financial development is an important determinant of both … physical capital accumulation. However, the impact of many of the ancillary variables on levels of investment are not very …

Using cross-country data, we review the empirical evidence concerning long-term labor and total factor productivity … the crucial role for physical capital accumulation in enhancing labor productivity growth and develop a role for human …

households. We show that the optimal fiscal policy calls for full expensing of private investment which shifts the tax base to … private consumption. The efficient levels of public investment and public consumption relative to output are uniquely pinned …

productivity growth than the leader nation. ; We derive a nonlinear specification for total factor productivity growth that nests … total factor productivity growth well. 22 of the 27 nations that we identify as lacking the critical human capital levels … needed to achieve faster total factor productivity growth than the leader nation in 1960 did achieve lower growth over the …