We provide a unified growth model to study the transition from the Solow economy which only uses labor and physical capital in production to the Becker-Lucas economy which uses an additional new accumulative factor, human capital, in production. The model starts with the Solow economy, with the...

As a newly emerging factor, data has been widely utilized in producing goods and services, and the nonbalanced growth between digital industries and non-digital industries is significant in recent years. In the digital economy, data has two unique features. One is the fact that data in one...

This research explores and quantifies the downside of technological innovations, especially the negative externality of an innovation interacting with the stock of existing innovations. Using two novel datasets, we make a novel empirical finding that the varieties of innovation-induced risks...