This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per capita across countries. The theory sheds light on three fundamental layers of comparative development. It identifies the factors that have governed the pace of the transition from...

This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per capita across countries. The theory sheds light on three fundamental layers of comparative development. It identifies the factors that have governed the pace of the transition from...

Although cross section relationships are often taken to indicate causation, and especially the important impact of economic growth on many social phenomena, they may, in fact, merely reflect historical experience, that is, similar leader-follower country patterns for variables that are causally...

We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World...

In this paper we investigate the link between government debt-to-GDP ratio and real per capita income growth in Italy over 1861-2009. We model our regression analysis on a standard production function. Our results support the hypotheses of a negative relation between public debt and growth and...

This paper works out some of the basic properties of an economy with energy as a factor of production. The economy now consists of streams of energy conversions that direct energy to the production of goods and services. The focus on energy generates a variety of insights. It yields a new...

Economic growth in the 19th and 20th centuries, following the Industrial Revolutions, was much faster than in preceding centuries. This unprecedented global growth coincided with the global proliferation of democracy, with some evidence for bidirectional causation. Macroeconomic forecasts have...

20 years after unification, the East German twin's economic position is relatively stagnant compared to most of the West German productivity and income variables. The strong initial takeoff until the mid-end 1990s ended at a level of 70% to 80% of the western reference. In this paper, two...

The twentieth century was a period of outstanding economic growth together with an unequal income distribution. This paper analyses the international distribution of growth rates and its dynamics during the twentieth century. We show that the whole century is characterized by a high...

Western forecasters overestimated economic growth in the USSR in the last fifteen years of its existence. They were projecting at least the continuation of the recent growth rates, if not their increase, in the near future, at the time when growth was slowing down. The errors of the forecasts of...