In this paper, we study the effect of education on economic growth. In particular, we want to show that education can cause some nonlinearities in the human capital accumulation process. These nonlinearities may affect the economic growth path. In the first part of this work, we will provide a...

It is often asserted that the more substitutable capital and labor are in the aggregate production the more rapidly an economy grows. Recently this has been formally confirmed within the Solow model by Klump and de La Grandville (2000). This paper demonstrates that there exists no such monotonic...

This study empirically explores the growth effects of rent seeking activity (RSA) for a group of 52 developing/transitional countries, using a dynamic panel data approach. The modeling framework is a Mankiw–Romer–Weil (MRW) conditional convergence model with path dependence and augmented by...

In this study an Extended Version of the Solowian growth model is presented and its properties are compared with those of the original model. In the Solowian model the forces behind the growth process are exogenous and disembodied. In the Extended Model technological change is divided into two...

In this paper we consider different explanations for why the coefficient associated with human capital is often negative in growth regressions once country-specific effects are controlled for, whereas the coefficient in question is strongly positive in cross-sectional or panel results based on...

We develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by...