The bioeconomy-specific paradigm has changed the perception of economic growth in the sense that the growth limits do not matter, but new growth opportunities. These are focused on: knowledge, investment in research, innovation and technological performance, which give meaning to the concept of...

In an influential paper Mankiw, Romer, and Weil (1992) argue that the evidence on the international disparity in levels of per capita income and rates of growth is consistent with a standard Solow model, once it has been augmented to include human capital as an accumulable factor. In a study on...

We suggest that the geographical patterns of income differences across the world have deep underpinnings. We emphasize that economic development is a complex process driven by economic, political, social, and biophysical forces. Some economists have argued that the patterns reflect mainly the...

This paper studies how the assignment of patents as collateral determines the savings of firms and magnifies the effect of innovative rents on investment in research and development (R&D). We analyse the behaviour of innovative firms that face random and lumpy investment opportunities in R&D....

Interactions between economic development and financial development are studied by looking at the roles of financial institutions in selecting R&D projects (including for both imitation and innovation). Financial development is regarded as the evolution of the financing regimes. The...

The rise of China is no doubt the most important event in world economic history since the Industrial Revolution. The institutional theory of development based on a dichotomy of extractive vs. inclusive political institutions cannot explain China’s rise. This article argues that only a radical...

Following Solow's (2001) recent advice, this paper takes productivity as the left-hand-side variable and offers a cross-country analysis of its determinants. The analysis follows the two-stage methodology, the first of which is devoted to obtaining productivity estimates, and the second stage is...

This paper reviews new growth theories (NGT) from the perspective of developing countries. It shows that despite some views to the contrary, NGT and the growth debate that it spawned have some useful lessons for developing countries. Some of these lessons and ideas were indeed available from...

As at today, it is an indisputable fact that the climate is changing and there is a scientific consensus that the world is becoming a warmer place principally attributable to human activities. Regrettably, the physical impacts of future climate change on humans and the environment will include...

The present paper provides an overview of literature on the shift to services. It follows the three dimensions of structural change - final demand, the inter-industry division of labor and inter-industry productivity differences. It first looks at the ‘classics’, however (Fisher (1935),...