models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …

It is well recognised that the issue of the social rate of discount applies only to the gains from public investment … that accrues to the public sector. When it comes to measurement, however, there is a problem: public investment in … plausibly argued to lead to increases in factor productivity in the private economy. This paper observes that government …

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

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 …

2019, using a Vector Autoregressive (VAR) approach. We assess whether higher investment levels drive economic growth and … dynamic relationships between them. The findings show that private investment consistently stimulates growth, while public … investment’s impact varies by country. The analysis underscores the importance of investment sequencing, suggesting the need for …

knowledge sector is bounded, as productivity increases, the economy moves from a Solovian zone where wages increase with … productivity, to a Marxian zone where they paradoxically decline with productivity. This is because as consumption of a given good … more unevenly distributed than productivity, technical progress always increases inequality. Redistribution from profits to …

We study the impacts of public investment, notably in construction and in R&D on economic growth and of crowding …-out effects on private investment. For this purpose, we use Panel Vector Autoregression (PVAR) models and the Generalised Method …) innovations in public investment have more positive effects on GDP growth and private investment in emerging economies; ii) the …

industry productivity. For this purpose we develop a reciprocal dumping model of international trade with heterogeneous firms … expected industry productivity. The central results of the paper regarding firm and industry level R&D spending differ … significantly from the case of homogeneous firms. -- international trade ; firm heterogeneity ; R&D ; productivity ; market …

pharmaceutical R&D expenditure, drug prices, aggregate productivity, and income. The analysis suggests that both an increase in the …-sharing and entry barriers in the pharmaceutical sector also affect aggregate productivity and wage rates. -- aggregate … productivity ; cost-sharing ; entry deregulation ; health insurance ; pharmaceutical innovation …