The closed economy neoclassical growth model predicts convergence to a capital stock level that is independent of its initial level, suggesting that discrepancies in per capita income among the world’s economies should largely disappear in the long-run. This paper shows that international...

We investigate the dynamics of nonrenewable resource abundance on economic growth and welfare in a two-country world. One country is endowed with a nonrenewable-resource, otherwise, countries are identical, except possibly for their initial endowments of capital. Unlike previous studies...

We present a general equilibrium model with oligopsonistic market structure in one of the sectors. Buyers of inputs can set the price of inputs by being involved in rent seeking activities. The framework developed is applied to the Bulgarian economy in particular to the agro-food chain. From the...