endogenize the demand and supply of skills. We explicitly introduce the costs and externalities in education, and examine how …

We scrutinize Thomas Piketty's (2014) theory concerning the relationship between an economy's long-run growth rate, its … of Piketty's Second Fundamental Law of Capitalism does not hold. In line with Piketty's theory a smaller long-run growth …, both the economy's savings rate and its growth rate are endogenous variables whereas in Piketty's theory they are both …

We present a multi-country theory of economic growth in which countries are connected by a network of mutual knowledge …

impact on a government's decisions on how to allocate government expenditure between public consumption and investment. Using …

unemployment, which lowers wages and creates incentives for future investment in labor-using technologies. In the long run, this …, except that it also incorporates a positive steady state level of unemployment and a falling relative price of investment. I …