The recent literature has always attributed to the natural selection mechanism – along which only efficient firms can survive while inefficient ones are eliminated by market competition – a crucial role in the aggregated efficiency growth. By assuming that firms differ not only by their...

The paper aims to explicitly determine the distribution of human capital across hierarchic educational stages along the transition process, and to analyse the determinants of its evolution. We apply optimal control principles in a model of endogenous growth with two successive stages of...

Purpose God promised pious individuals who obey to His commandments, to increase their economic well-being. Although it is difficult to demonstrate with figures in hand this causality relationship, Muslims must believe in its existence and robustness at both the individual and collective levels,...

This study examines the effects of external debt on the economic growth of Tunisia both in the short run and the long run. We specify a growth equation based on the standard neoclassical growth model that we extend by adding public external debt indicators and some control variables. Annual time...

This paper considers a two-period model of endogenous human capital formation under the credits-market imperfection and uncertainty assumptions. We compare in the first part of the paper ex-ante and ex-post general-equilibrium effects of the education subsidy policy to those of the negative...

This paper shows that, depending on the initial distribution of material wealth and that of individuals' abilities, economies converge in the long-run towards different levels of the size of the skilled workforce, and average wealth. Furthermore, unless the income tax rate is too high, the...