This paper presents an empirical study based on a survey of 399 owners of small and mediumsize companies in Lithuania. Applying bivariate and ordered probit estimators, we investigatewhy some business owners expect their firms to expand, while others do not. Our mainfindings provide evidence...

Student achievement has been identified as important contributor to economic growth. This paper investigates the relationship between redistributive government activities and investment in human capital measured by student performance in international comparative tests in Mathematics and Science...

I study the allocation of human capital in an economy with production externalities, financial constraints and career choices. Agents choose to become entrepreneurs, workers or financiers. Entrepreneurship has positive externalities, but innovators face borrowing constraints and require the...