This article is about the metamorphoses of aggregate Indian wealth over fifteen politically transformative decades. Based on a comprehensive new database, I find that wealth-income ratios have fluctuated by large margins in the twentieth century. In emerging India of the twenty first century,...

We suggest that the development process of a less-developed country can be divided into two stages, which demonstrate significantly different properties in areas such as structural endowments, production modes, income distribution, and the forces that drive economic growth. The two stages of...

What is entrepreneurship? Who is the entrepreneur? Why, when and how does entrepreneurship originate and what are its effects across time and border? The lack of a satisfactory definition and conceptual framework of entrepreneurship has undermined the legitimacy of entrepreneurship as a unique...

This paper shows an application of the IMF Financial Programming Model to understand the relevance of the IMF stabilization program in Bangladesh started in 2002. The model has been revitalized in an innovative way to predict an equilibrium position of the economy, which ensures a viable BOP....

Eleven percent of the Malawian population is HIV infected. Eighteen percent of sexual encounters are casual. A condom is used one quarter of the time. A choice-theoretic general equilibrium search model is constructed to analyze the Malawian epidemic. In the developed framework, people select...

Schumpeter’s notion of creative destruction assumes that volatile growth leads to a more efficient reallocation of resources and the adoption of new technologies. However, this can only occur if such productivity-enhancing opportunities are available within society. This availability is...

Changes in social structures occurring during the process of economic growth can be considered direct consequences of this process, while other changes are caused by factors such as technological progress, that affect simultaneously social structures and growth. This chapter focuses on that part...

We study a general equilibrium model in which entrepreneurs finance investment with optimal financial contracts. Because of enforceability problems, contracts are constrained efficient. We show that limited enforceability amplifies the impact of technological innovations on aggregate output....

Developing and administering disciplines on the use of subsidies is one of the most difficult areas of international economic policy and rule making. It is also one of the most pervasive problems in international trade. Subsidization has taken on new prominence in the economic policy toolkit as...