Long-run economic growth is analysed in a global model with many small countries prone to national level total factor productivity shocks. The possibility of precautionary saving or dissaving is a function of the higher-order moments and the cross-moments of the factor income distributions,...

A model is presented where economic growth is co-determined with the number of entrepreneurial firms as functions of union wage bargaining power and of inter-firm labour mobility. There is an inverse-U relationship between economic growth and the number of firms, if they are both heterogeneous...