Economic development, which refers to the process of progressive transformation of an economy, is a multifaceted term without a universal definition. This article presents the constitutive elements of economic development, such as growth, distribution, and innovation. Economic development has...

Sources of growth in East Asia have been a controversial subject in the literature. This necessitates more empirical studies to see whether there is more convergence to a particular view of the sources of growth. This study provides a comprehensive examination of sources of growth that allows...

Optimal growth requires pro-growth institutions and culture. In an optimal growth pattern, institutions and culture facilitate entrepreneurship and innovation. In contrast, if the development and coevolution of institutions and culture are distorted, growth can become permanently stagnant, with...

Chapter 3 of the book Greece From exit to recovery?, Brookings Institution Press 2014, investigates the relationship between key aspects of the institutional environment, infrastructure, and qualitative aspects of the education system. A literature review is paired with the examination of key...

We present a theoretical argument to identify the conditions under which a firm prefers to invest in factor saving innovations rather than neutral innovations. We prove that incentives to invest in factor saving innovations positively depend on i) total factor productivity and ii) the scarcity...

Based on archival and survey data we show that the maturity of U.S. business loans has been continuously increasing since the mid-1930s when banks invented the term loan. Concurrently, bank innovation first involved the invention of credit analysis and covenant design. Later, bank innovation...

This paper investigates the main postulations of the Ramp;D based growth models that innovation is created in the Ramp;D sectors and it enables sustainable economic growth, provided that there are constant returns to innovation in terms of Ramp;D. The analysis employs various panel data...

This paper investigates the main postulations of the R&D based growth models that innovation is created in the R&D sectors and it enables sustainable economic growth, provided that there are constant returns to innovation in terms of R&D. The analysis employs various panel data techniques and...