A groundbreaking study that shows how countries can create innovative, production-based economies for the twenty-first centuryAchieving economic growth is one of today's key challenges. In this groundbreaking book, Michael Best argues that to understand how successful growth happens we need an...

Can a large-scale defcit spending program speed up recovery after recession? To answer that question we calibrate a standard neoclassical growth model with US data and assume that an exogenous shock has driven aggregate output far below steady-state level. We calibrate the model such that a...