The marginal product of human capital in Mankiw, Romer, and Weil's [1992] augmented Solow model measures the direct and two external effects of human capital created from schooling on national income. If this model is valid, its estimates of the share of this marginal product accruing to workers...

Evidence regarding the relationship between distribution, demand, and growth in the short run has been mixed. Open economy models that create the possibility of "beggar-thy-neighbor" growth offer one theoretical explanation for why this may be expected. Several authors have argued recently,...

We model US household debt accumulation during the neoliberal boom as a response to emulation effects and the decline of the social wage, which has "privatized" an increasing share of the costs of providing for services such as health and education. The debt dynamics of the US economy are then...

In this paper we review the empirical and theoretical literature on the effects of changes in the relationship between the financial sector and the non-financial sectors of the economy associated with 'financialisation' on distribution, growth, instability and crises. We take a macroeconomic...

This paper surveys some of the important literatures on financial, economic and social systems with an eye towards explaining the tendencies towards 'financialisation'. We focus on important strands of this literature: the French Regulation School, the US-based Social Structures of Accumulation...

The paper presents a monetary model of endogenous growth and specifies an econometric model consistent with this model. The estimation is based on OECD and APEC panel data, from 1961-1997. It includes fixed country and time heterogeneity and shows a strong negative effect of inflation on growth...

The main objective of this work is to investigate the theoretical interrelationships between economic growth, the National Innovation System (NIS) and the real exchange rate (RER) in an export-led growth model. Formally, this work presents new changes in the Kaldor-Dixon-Thirlwalĺs model by the...

So-called "uphill capital flows", i.e. flows of physical capital from relatively poor to rich countries, are a new phenomenon with yet unclear impact. We develop a unified framework incorporating economic institutions, human capital and physical capital to study the interaction of international...

The paper shows how the original semi endogenous and balanced growth model of , and my extended version of it (), could be useful in explaining the key "stylized facts" of global long-term growth so far, and in predicting its dynamics in the future. During the last two centuries the sector of...

We derive the optimal contributions to global climate policy when countries differ with respect to income level and pollution intensity. Countries' growth rates are determined endogenously, and abatement efficiency is improved by technical progress. We show that country heterogeneity has a...