This article explores the implications of Unified Growth Theory for the origins of existing differences in income per capita across countries. The theory sheds light on three fundamental layers of comparative development. It identifies the factors that have governed the pace of the transition...

This paper suggests that the recent intertemporal studies concerning the implications of terms-of-trade deterioration on the current account of a small open economy may suffer from significant methodological deficiencies. The study demonstrates that, while the assumption of a small open economy...

This paper analyzes the welfare implications of an import tariff for a small overlapping-generations economy. The study analyzes the role of income redistribution, induced by the imposition of a tariff, in the determination of the time path of welfare levels. It is shown that despite...

This paper analyzes the effects of transitory productivity shocks on long-run output. The study demonstrates that, despite it transitory nature, an adverse productivity shock may result in lower long-run output. A fall in productivity reduces output and savings and, consequently, the interest...

This paper analyzes strategies for economic growth in a small, open, overlapping-generations economy that has access to perfect international capital markets and is characterized in autarky by multiple, locally stable, stationary equilibria. The study designs a growth scheme consisting of...

This paper analyzes the steady-state welfare implications of a Hicks-neutral technological progress, or alternatively, of an i nternational transfer of a Hicks-neutral superior technology within a n overlapping generations framework. The analysis indicates that prod ucers will be induced by...