This paper tests the dynamic implications of beta-convergence with time-series data from 48 contiguous U.S. states. The motivation for this paper rests with the interpretation of results from cross-sectional growth regressions. These results show that poor regions experience faster per-capita...

In this paper, I conduct a structural change test that casts doubt on the validity of exogenous growth assumptions. Cross-sectional empirical support for non-stochastic convergence in the neoclassical growth model is the reason that the literature rejects endogenous growth. But, in a stochastic...

Over the past three years, electronic commerce has grown explosively at rates of 200 to 300 percent per year. After spending just $2.4 billion over the Internet in 1997, consumers transacted about $25 billion in Internet sales in 1999, according to an estimate by Ernst & Young. The firm predicts...

In December 1995, Massachusetts attorney general Scott Harshbarger filed a civil suit against the tobacco industry. The Commonwealth’s lawsuit charged that the tobacco industry had conducted research into the addictive properties of nicotine and used this research to willfully manipulate the...

Ever since the New Hampshire Supreme Court decided in Claremont II that the local property tax used to fund K-12 public education was unconstitutional, policymakers have struggled to find a permanent solution to the school finance problem. In June 2001, after a rancorous two-year public debate,...