Aggregate productivity and aggregate technology are meaningful but distinct concepts. We show that a slightly modified … Solow productivity residual measures changes in economic welfare, even when productivity and technology differ because of …-technological gaps between productivity and technology, gaps reflecting imperfections and frictions in output and factor markets …

This paper develops a two-country general equilibrium model of technology sharing to study world trade patterns. A … technologically advanced country enjoys the benefit of comparative advantage due to her access to superior technology. The static … model presented in this paper comes out with structural equations that show if a country with advanced technology shares her …

uninsured capital income risk, and suffer from an information-processing capacity constraint. For given attention devoted to … capital income risk, we solve for the optimal consumption-saving choices and show that the expected welfare is increasing with … households would pay more attention to capital income risk if they have (i) lower initial wealth endowment, (ii) lower marginal …

uninsured capital income risk, and suffer from an information-processing capacity constraint. For given attention devoted to … capital income risk, we solve for the optimal consumption-saving choices and show that the expected welfare is increasing with … households would pay more attention to capital income risk if they have (i) lower initial wealth endowment, (ii) lower marginal …

income levels in the United States or other advanced economies. Such countries remain trapped at a relative low- or middle-income … level. In this article, the authors redefine the concept of income traps as situations in which income levels relative to … relative low- and middle-income traps and examine cross-country historical transitions between income groups at the global and …

study how the development of specialized upstream technology suppliers improves access and lowers investment costs for …, the greater is the number of technology suppliers that operate in the first world. A major contribution of this paper is … that we identify an important and understudied mechanism through which technology is made available, with beneficial …

technology shocks and government spending shocks. Our model also shows that movements in the distribution of money demand could …

marginal productivity theory of income distribution (MPTID) and the aggregate production function (APF). However, this paper … just a mathematical transformation of the national income identity. It is in fact not a production function as it does not … static concept of marginal productivity and confusing the concept of CRS with the fact that the sum of all factor's income …