This paper analyzes a model of the transition to agriculture by allowing heterogeneous agents to make the decision on whether to engage in farming or foraging. The threshold level, which divides foragers from farmers, depends on both agricultural productivity and foraging efficiency. As...

In endogenous growth theory models exist which are characterized by local and global indeterminacy. These concepts imply that economies differ with respect to their growth rates on the transition path (local indeterminacy) as well as their long-run growth rates (global indeterminacy). While the...

In endogenous growth theory models exist which are characterized by local and global indeterminacy. These concepts imply that economies differ with respect to their growth rates on the transition path (local indeterminacy) as well as their long-run growth rates (global indeterminacy). While the...

Nanotechnology is expected to have a major impact on global economies this century and is an important sector for Jamaica in achieving the agenda of becoming a competitive and dynamic knowledge-driven economy by 2030. Key to this will be the active participation of small and medium-sized...

We present results from quantitative exercises using the Lucas and Romer endogenous growth models, from which we calculate welfare losses from the distortions presented in the Romer model. Moreover, comparing the models to data, we show that an economy governed by the Romer model would attain a...

Nanotechnology is expected to have a major impact on global economies this century and is an important sector for Jamaica in achieving the agenda of becoming a competitive and dynamic knowledge-driven economy by 2030. Key to this will be the active participation of small and medium-sized...

Using data for the years 1972-2006, we calibrate the dynamic general equilibrium model of structural change by Kongsamut et al. (2001) to Turkey. We then predict the shares of output and employment for the agricultural, manufacturing, and services sectors along the balanced growth path for...

The paper is concerned with structural change in the growth process and the role of uncertainty. Uncertainty is conceived as the means of removing the obstacles of growth through the activation of knightian entrepreneurship. A dynamic stochastic model of continuous-time growth is proposed. The...

The paper is concerned with structural change in the growth process and the role of uncertainty. Uncertainty is conceived as the means of removing the obstacles of growth through the activation of knightian entrepreneurship. A dynamic stochastic model of continuous-time growth is proposed. The...