In this paper we build upon work by Jacobs (1961, 1963, 1984) and Glaeser et al. (1993) to derive the following hypothesis: diversity of economic agents is conducive to innovation, and thus to growth. We present a simple model of a small open economy existing in a world where prices are fixed...

With the advent of new information & communication technologies (ICT) and its ever growing application in connecting people, online social media have become one of the main platforms for people to people interaction and this has obvious impact on formulation of marketing strategy for better...

GDP and derived metrics (e.g., productivity) have been central to understanding economic progress and well-being. In principle, the change in consumer surplus (compensating expenditure) provides a superior, and more direct, measure of the change in well-being, especially for digital goods, but...

GDP and derived metrics such as productivity have been central to our understanding of economic progress and well-being. In principle, changes in consumer surplus provide a superior, and more direct, measure of changes in well-being, especially for digital goods. In practice, these alternatives...

The Asian century is dawning. The world's economic center is shifting from West to East, reshaping geopolitics. While not all Asian countries are successfully moving from industrialization to digitalization, in Southeast Asia, China, India and elsewhere, new technologies including the widespread...

The Internet has evolved from Web 1.0, with static web pages and limited interactivity, to Web 2.0, with dynamic content that relies on user engagement. This change increased production costs significantly, but the price charged for Internet content has generally remained the same: zero. Because...