The theory of economic development was an exception to Paul Samuelson's claim of being a "generalist" in economics. It was a hard subject to tackle analytically because of the intrinsic difficulty of some of the concepts involved, such as increasing returns and long-term economic evolution....

This paper constructs an efficiency-adjusted public capital stock series and re-examines the public capital and growth relationship for 52 developing countries. The results show that public capital is a significant contributor to economic growth. Although the estimated coefficient for the income...

Natural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of...