Since the industrial revolution, technological innovations have enabled rise in productivity, employment, standard of living and the tota l population several times. In the last 15 years productivity growth ha s slowed-down in the most of large economies, probably due to slo w diffusion of...

For many years Serbia has been running fiscal deficit, which has considerably increased since 2008, leading to rise in public debt from 29.2% of GDP in 2008 to 60.3% of GDP in the end of 2012. This paper is aimed at resolving the dilemma if the economic recovery would be sufficient to reduce...