Developing economies share both microeconomic and macroeconomic characteristics which are often unique relative to their more developed counterparts. Indeed, many authors (e.g. Parente and Prescott 2000) have emphasized the role of institutional frictions within developing nations as a major...

This paper uses annual US data to examine the causal relationship between immigration and real GDP. Despite its implications for policy, a statistically robust relationship between these two series has been difficult to pin down. Our tests reveal that both the series are break-stationary....

James Anderson was a contemporary of Adam Smith who is known primarily for having developed what subsequently came to be known as the Ricardian theory of rent. Anderson’s primary concern however was the economic development of Scotland and he had a say in the policy measures undertaken in the...

The importance of modeling farm households in LDC's as being both producers and consumers of the same good has been recognized for some time. Using a Cobb-Douglas specification for the production function and a linear expenditure system, the paper presents empirical evidence of the linkage...

This article analyzes a three-sector economy with a significant subsistence sector. Previous studies essentially derived first-best conditions based on an optimal subsidy system where technical efficiency is achieved. In our model, technical efficiency cannot exist from within our system. A...

This book presents a controversial account of the work of Adam Smith, challenging prevailing orthodox thought on Smith’s contribution to economics. It argues that Smith’s fame as an economic analyst and economic historian is undeserved.