Even though the current crisis is clearly global, much of the analysis and many of the policy proposals have a single country viewpoint, particularly in the case of the United States. Explanations concentrate, for example on the financial system and on population-wide indebtment. Here we examine...

A production market with given preferences, technology and competition technology is vulnerable if it admits both perfect competition and monopoly or oligopoly. Under decreasing returns, the combination of sunk costs and a potential for monopoly profits can be sufficient basis for vulnerability,...

I broadly summarize the theoretical and recent empirical literatures on human development. Using Gray and Purser’s 1970-2010 database of human development index (HDI) components (income, life expectancy, literacy, gross enrolment ratios) for 135 countries, together with indicators of the...

Within the causal structure of economic development, we can distinguish between short-term and long-term causal links. In particular, this study examines long-term short-term causal relations in economic development. We construct a balanced panel for 72 countries over the period from 1980 to...

We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology transfer. The theory predicts that the growth rate of any country with more than some critical level of financial development will converge to the growth rate of the world...

A development and underdevelopment is presented using a Schumpeterian model for an open global economy with technology transfer and trade. When in the context of free commerce there exist strong enough mechanisms allowing technological asymmetries between countries to generate higher innovation...