Twenty years after India opened its economy, it faces severe economic problems, including staggering income inequality. A third of its citizens still lack adequate food, education, and basic medical services, while Mumbai businessman Mukesh Ambani lives in the most expensive home in the world,...

We present a multi-country theory of economic growth and R&D-driven technological progress in which countries are connected by a network of knowledge exchange. Technological progress in any country depends on the state of technology in the countries it exchanges knowledge with. The diffusion of...