We construct a model of endogenous investment specific techological change in which the stock of public capital influences the real price of capital goods. We show that the growth and welfare maximizing tax rates coincide in the planned economy. When factor income taxes finance public investment...

Currently, oil is considered as the most important commodity in our planet. It exceeds third of the international trade while world transportation, electricity, agriculture, and industry depend on oil. Economists have different opinions regarding issue of cause and effect of oil industry and...

Promoting sustainable consumption and production are important aspects of sustainable development. Agenda 21, endorsed by the United Nations Conference on Economic Development (UNCED) in 1992, identified unsustainable consumption and production patterns, particularly in industrialised countries,...

Globalization and strengthening of integration processes have, among other things, also influenced some solutions relating to monetary sovereignty of particular countries. A great number of transition countries as well as some other underdeveloped countries are facing both inefficiency in their...

A Farewell to Alms argued based on wages, rents and returns on capital that the English by 1800 were no wealthier than in 1400. An argument against this has been the supposed consumer revolution of 1600-1750. Since ordinary families by 1750 begin routinely consuming former luxury goods, income...

This study has uniquely established that financing women though Self Help Groups has a significant role in empowering women, which is a smart economics indeed in achieving the objective of economic development of the weaker sections. The findings of this study establish using the statistical...

Employment is linked to growth at least in the long-run. Thus, to reduce structurally unemployment it is necessary to boost growth. Thus, any strategy seeking to reduce unemployment must be devised with a good knowledge of the growth content in terms of jobs. In this paper, we use Okun’s law,...

The purpose of this working paper is to give the real meaning of DEVELOPMENT from Islamic perspective. Most of Muslim countries are LDCs and using the religious and social ideology of Islam is very useful to establish institutions and to bring moral and ethical change for development in these...

This paper provides a tractable continuous-time constant-absolute-risk averse (CARA)-Gaussian framework to quantitatively explore how the preference for robustness (RB) affects the interest rate, the dynamics of consumption and income, and the welfare costs of model uncertainty in general...

Unexpectedly, and as a result of a simple exercise of intellectual curiosity, the resolution of the Ramsey growth problem with a Utility function underlying relative preferences for consumption and savings, provides remarkable results and interpretations. An advanced microeconomic analysis of...