Does a country's level of unemployment have an impact on the long-run growth rate? Incorporating unemployment into a generalised Solow-type growth model yields some answers. In the traditional Solow model, unemployment has no long-run influence on the growth rate and the level of productivity....

The aim of this paper is to estimate the sensitivity of the natural rate of growth to the actual rate of growth for 15 OECD countries over the period 1961 to 1995, on the hypothesis that the natural rate of growth is not exogenously given. To do this we estimate the natural rate of growth and,...

Der Begriff Humankapital ist in aller Munde - die PISA-Studie kritisiert das deutsche Schulsystem, Studenten demonstrieren für ihr individuelles Recht auf Bildung, Politik und Gesellschaft fordern Humankapitalwachstum als Quelle von Innovation und zukunftsorientiertem Wachstum für alle. Ist...

The intellectual breakthrough contributed by the new growth theory was the recognition that investments in knowledge and human capital endogenously generate economic growth through the spillover of knowledge. Endogenous growth theory does not explain how or why spillovers occur. The missing link...