China is well-placed to avoid the so-called “middle-income trap” and to continue to converge towards the more advanced economies, even though growth is likely to slow from near double-digit rates in the first decade of this millennium to around 7% at the 2020 horizon. However, in order to...

Joining the European Union big opportunities in the international markets have opened for Latvia. Paper purpose is to investigate influence of international integration processes on development of economy of Latvia. In the paper Latvian economic indicators before and after entering the EU are...

In general, empirical studies on economics rely on the assumption of constant capitalshare of income both at the aggregate level and at the sector level. However, there is noempirical evidence supporting the constancy of capital share at the sector level. In thispaper, using Colombian data, we...

This paper analyses the hypothesis that the robust relationship between trust - as measured by the World Values Survey's question 'In general, do you think that most people can be trusted, or that you can't be too careful in dealing with people?' - and economic growth, established by empirical...

The aim of the paper is to analyze how corruption contributes to the spread of shadow economy and damages viable economic development of any country. The unfreedoms that are created under the conditions of illegal transactions and corrupt practices considerably limit the opportunities of...

The concept of social capital still suffers from its "original sin", the historical process that led it to an excessively broad definition. The aim of this study is to isolate some of the key components – interpersonal relationships – from other concepts that are usually improperly pooled...

We set up a theoretical framework to analyze the possible role of economic growth and technical progress in the erosion of social capital. Under certain parameters, the relationship between technical progress and social capital can take the shape of an inverted U curve. We show the circumstances...

Despite the lack of consensus on the appropriate concept of ‘social capital’, research in the area has continued even in the most criticized macroeconomic area. The investigation about the importance of social capital to generate differences in regional per capita income (per capita income...

In this paper, I merge two theories -- theory of "passionate individuals" by Gumilev(1989) and Memetics by Dawkins(1976) - to develop a formal growth theory that states that societies become more developed when their members have more intrinsic motivation to solve problems of social importance...

This paper develops a discrete-time formalization of the circuit of capital model presented by Marx in Volume II of Capital Marx (1993) as a tool for aggregate economic analysis of capitalist economies. The discrete-time formalization closely follows and extends the continuous-time formalization...