This paper takes a fresh look at the current theories of structural transformation and the role of private and public fundamentals in the process. It summarizes some representative past and current experiences of various countries vis-a-vis structural transformation with a focus on the roles of...

A two-sector dynamic general equilibrium model is constructed to examine the interaction between the cultural and noncultural sectors of the economy. It stresses three aspects of cultural economics that have been much discussed in the literature: (i) the productivity lag in the production of...

The decision to invest in human capital is introduced into a home production economy with fiscal policy distortions where balanced growth is achieved through Harrod-neutral, labor-augmenting technology spillovers into home production. In comparison with home production economies that abstract...