Recent statistical advances suggest new ways of looking at growth accounting when global value chains (GVCs) are taken into consideration. The relative contribution of consumption, investment and net exports to economic growth are resized according to their net domestic value-added, discounting...

In this paper, we propose a political-economy model of China that explains both the rapid economic growth and frequent rate of accidents that have occurred in China. The central government delegates authority to the local government to regulate the production activities of the firm. Under...

Imagine this: a mere century ago, the purchasing power of an average American was one-tenth of what it is today. But what will it take to sustain that growth through the next century? And what can be said about economic growth to aspiring nations seeking higher standards of living for their...