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Schumpeters "Theorie der wirtschaftlichen Entwicklung" besitzt heute eine herausragende Bedeutung in der … Interesse hinausgeht. Übersehen wurde bislang allerdings, daß Schumpeters Theorie, welche die Innovationsleistung des … der hiermit verbundene Realitätsverlust ökonomischer Theorie von einem erstaunlich großen Wissenschaftlerkreis in Kauf …
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This paper provides derivations necessary for solving an optimal consumption problem with multiplicative habits and a CRRA 'outer' utility function either for a microeconomic problem with both labor income risk and rate-of-return risk or for a macroeoconomic representative agent model.
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This paper argues that an increase in the inequality of wealth prompts a stronger quest for status that in turn fosters the accumulation of wealth. It proposes a measure for an individual's want of social status. For a given level of a population's wealth, the corresponding aggregate measure of...
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This paper offers two innovations for empirical growth research. First, the paper discusses principal components augmented regressions to take into account all available information in well-behaved regressions. Second, the paper proposes a frequentist model averaging framework as an alternative...
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