Recent evidence show that factor shares, if properly measured, are far from constant. Moreover, the shares of natural resources and raw labor seem to be negatively correlated with income per capita while the share of human and physical capital is positively correlated with income per capita....

This paper presents an endogenous growth model where the aggregate production function is a Leontief (1941) and long run growth is completely explained through biased technological change. Under this framework we get two results: (i) if the income share of reproducible factors is high enough, in...

Spanish Abstract: El conflicto interno en Colombia ha afectado la acumulación de capital humano, las decisiones de ahorro e inversión y la asignación sectorial y geográfica de los factores de producción. Varios autores han cuantificado los potenciales efectos de un acuerdo de paz sobre el...

There is scarce empirical evidence on the impacts of drug consumption decriminalization, especially, on problematic drug use and violence. In 2001, Portugal decriminalized the consumption of all illicit drugs. In this paper, we focus on determining the short, medium, and long-term impact of...

We present an endogenous growth model where innovations are factor saving. Technologies can be changed paying a cost and technological change takes place only if the benefits are larger than the costs. Since the gains derived from factor saving innovations depend on factor abundance, biased...

There is a significant positive statistical connection between GDP per capita and the satisfaction rate. However, Bulgaria, being a middle income economy, is one of the saddest places on Earth. We try to identify possible reasons for this phenomenon and we put forward some policy implications....

We use annual data on capital's share and relative factor prices from 35 US industries from 1960 to 2005 to test the induced innovation hypothesis. We derive, from a production function framework, testable implications for the effect of contemporaneous and lagged factor price ratios on capital's...

We present an endogenous growth model where innovation are factor saving. Tecnologies can be changed paying a cost so, tecnological change take place only if the benefits are larger than the cost. Since the gains derived from factor saving innovations depend on factor abundance, biased...

Desde la propuesta de Schumpeter (1911)(1)de que los servicios prestados por el sistema financiero son importantes para la promoción de la innovación tecnológica y el crecimiento económico(2). ha existido un relativo consenso entre los economistas en el sentido de que el desarrollo del...