Growth theory has traditionally assumed the existence of an aggregate production function, whose existence and properties are closely tied to the assumption of optimal resource allocation within each economy. We show extensive evidence, culled from the micro-development literature, demonstrating...

Even before the onset of the 2008 global financial crisis and ongoing European debt crisis, much attention has been given to the re-emergence of the Asian giants, the People's Republic of China (PRC) and India. Both countries have attained unprecedented growth and economic development-PRC and...

Even before the onset of the 2008 global financial crisis and ongoing European debt crisis, much attention has been given to the re-emergence of the Asian giants, the People's Republic of China (PRC) and India. Both countries have attained unprecedented growth and economic development — PRC...

This paper presents a neoclassical-growth model in which long-run growth is driven by the continuous specialization of capital. The specialization of capital is the allocation of capital into sets of specialized capital and the coordination required for different individuals to use the same set...

The innovative approach presented introduces a modified neoclassical growth model which includes a new bias of technological progress in a quasi-endogenous growth model in which part of labor is used in the research & development sector. The combination of a macroeconomic production function and...

The innovative approach presented introduces a modified neoclassical growth model which includes a new bias of technological progress in a quasi-endogenous growth model in which part of labor is used in the research & development sector. The combination of a macroeconomic production function and...

Milton Friedman once argued that profits are the chief purpose of business. Profits do matter, but today we know more about how business contributes to society. Good firms bring innovation to the marketplace, which facilitates their growth. Innovative, growing firms generate economic growth and...

This paper surveys what we know about international R&D spillovers, with a particular attention devoted to the business literature that link the R&D internationalization to economic performance. Despite the fact that there is a large literature on the internationalization of R&D at the country...

We distinguish learning in a static environment from that in a dynamic environment to show the existence of an important interaction between the development of new technologies and human capital accumulation. Since technological progress creates a more dynamic and uncertain environment, it not...