Over the course of the past twenty years, venture capital has fuelled an entrepreneurial revolution - first in the United States and now in Europe's common market -, which has opened new opportunities for technological innovation, capital investment and employment growth. Some of the most...

This paper examines the role of the health gradient – the positive correlation between household income and health – in individual retirement behavior, using data from the German Socio-economic Panel (GSOEP). We first estimate agegroup-specific health gradients and find their slope increases...

This survey of recent literature on endogenous growth highlights some of the modeling choices in endogenous growth theory, which are constrained by certain formal requirements on the one hand and by the need for convincing economic interpretations on the other. The formal requirements are...

This paper applies Markov chain analysis to examine the empirical dynamics of sectoral specialization in open economies. At issue is here persistence and the hypothesis of hysteresis in national patterns of industrial specialization, often claimed as an implication of strong path dependence in...

This paper evaluates the evolution of European venture capital investments since 1990, using the distribution dynamics methodology. It tests and rejects the hypothesis that the international allocation of venture capital investments is driven by a pathdependent process of agglomeration, in which...