This paper explains why mainstream equilibrium analysis is an unsuitable framework for explaining economic development. The authors present another approach. They apply it in the form of explanations of the two episodes of the post WWII era, golden age and what they refer to as the age of decline.

This paper presents a dynamic model of forestry in which the planner chooses the rates of harvest and planting at each instant.

The joint behavior of investment and the current account is derived as a triangular simultaneous equations model. To estimate this model for the G7 countries, we propose a full-information GLS estimator for panel data that extends Zellner-Theil three-stage least squares estimator and allows for...

This paper models the use of community sanctions to restrict effort in a simple Gordon-Shaefer style model of the fishery with heterogeneous fishing costs.

The estimates of productivity growth reported here show the contribution of various components of aggregate demand, including the positive role of low unemployment. The estimated equation was based on a model of growth and transformation, and was estimated using the longest period for which...

The goal of this paper is to compare the well-being of young children in Canada, Norway and the United States. Many economic models focus on children's eventual well-being by adopting an investment perspective. While this is important, children's well-being today should also count when we assess...