A general growth model with explicit resource reallocation costs is set up. A new feature is the property of hysteresis … (i.e. a continuum of stationary equilibria) in closed-economy growth models. Employing a linear model the hysteresis … range and the consequences for the long-run growth rate are determined analytically. The most important conclusions are the …

A general growth model with explicit resource reallocation costs is set up. A new feature is the property of hysteresis … (i.e. a continuum of stationary equilibria) in closed-economy growth models. Employing a linear model the hysteresis … range and the consequences for the long-run growth rate are determined analytically. The most important conclusions are the …

Economic growth in the 19th and 20th centuries, following the Industrial Revolutions, was much faster than in preceding … centuries. This unprecedented global growth coincided with the global proliferation of democracy, with some evidence for … bidirectional causation. Macroeconomic forecasts have predicted slower economic growth in the 21st century--perhaps substantially …