We construct a two-sector (agriculture and modern) overlapping generations growth model calibrated to India to study the effects of sectoral tax rates, sectoral infrastructure investments, and labor market frictions on potential growth in India. Our model is motivated by the idea that because...

In classical and Marxian political economy economic advancement takes place in stages of development. These stages are characterized by different functional distributions of income. In this paper we show that the Cobb-Douglas Production Function is the only production function which has the...

The international donor community has grave concerns about the prospects for poverty reduction in what it terms fragile states. A state is classified as fragile if its country policy and institutional assessment (CPIA) score falls below a particular threshold. Recognizing that all states are...

In the vast body of development theoretical knowledge one element has been of a considerable longevity: the abstraction of a Gross Domestic Product to represent a given economic entity. This paper suggests approaching the history of development thinking by traveling with the GDP through this...

This paper seeks to study the trends in income inequalities in the BRIIC countries. The first section of this paper investigates the evolution of the understanding of income inequalities, moving on to their classification, measurement and proposed impact on growth. The following section examines...

“Make in India” campaign proposes to “transform India into a global manufacturing hub” and thereby use manufacturing as a vehicle for job growth. Creating more jobs is considered as one of the key tools for achieving inclusive growth in India. The objective of poverty alleviation and...

How can foreign aid support economic growth in Africa? This paper presents a geographically indexed general equilibrium model that enables green revolution-focused macroeconomic analysis in low-income African settings. The model is flexible to parameterization and highlights the role of...

The development of Puerto Rico is often described as following three stages: Light Industry, Heavy Industry, and Tax Incentives. The stages of the development of Puerto Rico will be presented and evaluated. Policy recommendations are made to confront what might be call the 'Fourth Stage' of...

Since the start of modern national accounting in the 1930s, the Netherlands has played a dominant role in the development of the national accounts. This paper discusses the origins and development of the Dutch national accounts. This includes the surprisingly slow start of political arithmetic...

This paper highlights the importance of knowledge for long-term economic growth. It presents the concept of the knowledge economy, an economy where knowledge is the main engine of economic growth. The paper also introduces the knowledge economy framework, which asserts that sustained investments...