While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrializing developing...

Beyond years of schooling, educational content can play an important role in the process of economic development. Individuals ́choices of educational content are often shaped by the political economy of government policies that determine the incentives to acquire various skills. We first...

This paper reviews the empirical evidence of persistent levels of regional self-employment and new business formation and the effect this persistence has on development. It is argued that a regional culture of entrepreneurship plays an important role in explaining persistence of...

After World War II only a few developing countries were able to catch up to real GDP per capita levels prevailing in developed countries. These successful countries in almost all cases came from Asia and did not follow the free market doctrine in the tradition of the Washington Consensus. There...

Empirical factor demand analysis typically involves making a choice from among several competing non-nested functional forms. Each of the commonly used factor demand systems, such as Translog, Generalized Leontief, Quadratic, and Generalized McFadden, can provide a valid and useful empirical...