The paper presents a human capital driven endogenous growth model which, in general, permits a multiplicity of … equilibrium balanced growth paths. It is shown that allowing for perfect capital mobility across countries increases the range of … parameter restrictions, the steady state growth rate is unambiguously higher for an open economy than a closed economy …

higher growth. Our analysis accommodates costly signalling for gaining credibility and also assigns a novel role to spending …

higher growth. Our analysis accommodates costly signaling for gaining credibility and also assigns a novel role to spending …

higher growth. Our analysis accommodates costly signalling for gaining credibility and also assigns a novel role to spending …

sovereign is not a reliable measure of austerity suffered; and that austerity may actually be associated with higher growth. Our …

Satiation of need is generally ignored by growth theory. I study a model where consumers may be satiated in any given … endogenized, the satiated equilibrium generically survives. For some parameter values, its growth rate is positive while labor … supply declines over time to zero. Its growth rate is then lower than that of the non satiated equilibrium. Hence, the …