The paper investigates the mechanics through which novel technological principles are developed and diffused throughout an economy consisting of a technologically heterogeneous ensemble of firms. In the model entrepreneurs invest in the discovery and in the diffusion of a technological principle...

South Africa has experienced high budget deficits accompanied by sluggish economic growth over the years. Fears mount that such a trend may worsen due to the advent of the Covid-19. Yet, the effect of budget deficit on economic growth remains one of the widely debated topics in economics. This...

Environmental pollution is introduced both as a joint product and as a source of disutility in growth models. The purpose is to explore vital questions such as: is environmental protection compatible with economic growth; is it possible to have sustained growth in the long run without...