This paper formally proves that economic outcomes are not independent from the corporate governance system and its ability to protect shareholders’ rights. This is achieved by extending a neoclassical growth model to incorporate an imperfectly functioning market for managerial labour enabling...

The study of social institutions producing and disseminating knowledge has mainly concentrated on two main concepts: Science and Technology. This paper examines a recent institutional form that seems not to resemble either of the other two; that is, knowledge-intensive communities, where...

For many years, growth theorists focused exclusively on capital accumulation as the engine of growth, assuming technological change exogenous to the economic system.' In this view, growth in human and physical capital stock is central to economic growth and the only channel through which...

We use a spatial model of endogenous growth to investigate the likely impact of discriminatory integration among two advanced countries on their own welfare as well as on the welfare of an outsiders transition economy. On the one side, since per capita income convergence depends on relative...

This paper examines the dynamic implications of international trade in a two-sector overlapping-generations economy with endogenous growth. It analyzes the global dynamics of this model for both a closed economy and a two-country world economy. It shows how international trade can cause the...

Barro and Lee (1994), in an influential empirical study of the determinants of economic growth, find that, whereas growth is positively related to male schooling, it is negatively related to female schooling. Stokey (1994) has suggested that this is largely due to the influence of four Asian...

Strong fluctuation phenomena are an endogenous feature of economic systems if they are non-self-averaging. We show that an important consequence of non-self-averaging is that current forms of economic policy can be rendered useless. We also find non-self-averaging both to exist in microeconomic...

We study the role of endogenous healthcare choices by households to extend their expected lifetimes on economic growth and welfare in a decentralized overlapping generations economy with the realistic feature that households' savings are held in annuities. We characterize healthcare spending in...

As a factor influencing productivity, a country's own research and development to generate new technology is more important than that of the average foreign country. It is generally difficult to separate the effect of importing intermediate goods with embodied technology from the effect of other...

This paper explores the Kaldorian approach to endogenous growth theory. The central principles of this approach are explored, including the claims that growth is: (a) demand-led, with trade playing a central role in aggregate demand formation; and (b) path-dependent. It is shown that both the...