In this article an attempt has been made to give comparative analysis of old and new theory of economic growth. The field of economic growth has became again very dynamic and very interesting after appearance of seminal Romer's 1986 and Lucas's 1988 articles, which initiated so called new theory...

In this article an attempt has been made to give comparative analysis of old and new theory of economic growth. The field of economic growth has became again very dynamic and very interesting after appearance of seminal Romer's 1986 and Lucas's 1988 articles, which initiated so called new theory...

In this paper, following usual practice, we first present sources of groeth analysis for Montenegrin economy - first and second section. In the first section global factor productivity and contribution of engaged labor and capital is analysed. Results are different from that for similar...

In this paper an effort has been made to unveil some hidden and implicit assumptions that has been used in different models dealing with analysis and measurement of contribution of human capital to economic growth. We start from general production function with heterogeneous labor input and...

Topic of this paper is an analysis of market for artistic works applied in the case of creative paintings. In the most of the paper we give survey of modern microeconomic analysis relevant for the art. In the part of article that treats behavior of artists and supply function of art we, however,...

Relatively large level of foreign direct investment in real estate, that Montenegro has experienced in last few years, and rapid real estate development that has followed is obvious sign of new long run cycle in spatial development of Montenegro. In this article we, first, outlined some basics...

The principal focus in the substantial literature on impediments to economic development has been on the inadequacies of policies and governance. However, successful economic development requires effectiveness of markets and incentives for investment, which in turn require trust. This paper...

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

We present an international trade model with multiproduct firms. Firms are heterogeneously endowed with two types of capabilities that jointly determine the trade-off within firms between managing a large portfolio of products and producing at low marginal cost. The model can explain many of the...

This paper reports data from a laboratory experiment on two-period moral hazard problems. The findings corroborate the contract-theoretic insight that even though the periods are technologically unrelated, due to incentive considerations principals can benefit from offering long-term contracts...