This paper examines the potential impacts of East-West migration of talents on the innovative capital and hence the long-run growth prospects in Eastern sending countries. Complementing previous studies, we examine the impact of high skill migration not only on the formation of human capital,...

This paper reflects on the relevance of systems - theoretic approaches to the interdependent policy issues relating to the dynamics of science, technology and innovation and their relationship to economic growth. Considering the approach that characterizes much of the current economics...

R&D investment are an important engine of growth and development. Yet economists have often claimed under-investment, also due to the asymmetric information between inside investors and outside investors and financiers, and the consequent capital and financial market imperfections. Some recent...

The global fall in interest rates in recent decades has raised the possibility of a negative natural rate of interest. The secular stagnation hypothesis argues that a negative natural rate of interest is the underlying cause of the Great Recession. In this paper I demonstrate the role of bubbles...

We present a model to explain why in the transition economies of Central and Eastern Europe an important output fall has been associated with price liberalization. Its key ingredients are search frictions and Williamsonian relation-specific investment, implying that new investments are made only...

We present a novel finding that high macroeconomic uncertainty is associated with greater accumulation of physical capital, despite a contemporaneous reduction in investment. To reconcile this evidence, we show that high uncertainty predicts a persistent decrease in the utilization and...

Existence of phenomena such as unemployment and low earnings of the poorest social strata in both periods of recession and the economic boom, highlights the existence of root causes in society. Providing answers to the question: what are the causes and the solutions can be implemented to solve...

Existence of phenomena such as unemployment and low earnings of the poorest social strata in both periods of recession and the economic boom, highlights the existence of root causes in society. Providing answers to the question: what are the causes and the solutions can be implemented to solve...

This paper explores the impact of antiquity on capitalism through the finance-growth nexus. We define antiquity as the length of established statehood (i.e., state history) and agricultural years. We argue that extractive institutions and deeply entrenched interest groups may prevail in...

We build on the imperfection of intellectual property rights as the central motivation for the organization of firms. There are several characteristics specific to a theory of the firm grounded on the absence of intellectual property rights: monetary incentive schemes arise naturally as a...