The paper develops a formal model of external knowledge and identifies the role of knowledge multipliers. Social interactions and knowledge multipliers play a crucial role in the determination of the rate of technological change. The analytical identification of the knowledge multiplier...

In recent months, the euro area has been under fire from the financial markets, speculators being blamed for the mounting of a kind of conspiracy whose ultimate goal would be the disintegration of the project's Economic and Monetary Union (EMU). In this paper, we discuss the true reasons of this...