A BICYCLE BUILT FOR TWO: TRACING INDIA’S POSTINDEPENDENCE ECONOMIC GROWTH

On a Bicycle Made for Two

park with accustomed difficulty, the three brakes tugging ineffectually on the wheel rims and our feet scuffing the gravel until we eventually wobbled to a halt. In matching army issue shorts, and rugby shirts and with our in flight entertainment of Sony Walkman and twin head-sets dangling from the front wicker basket, we felt slightly out of place. Standing by the hotel wall was an anorexic lo...

Fe b 20 08 A Bicycle Built for Two : The Galilean and U ( 1 ) Gauge Invariance of the Schrödinger Field

This paper undertakes a study of the nature of the force associated with the local U (1) gauge symmetry of a non-relativistic quantum particle. To ensure invariance under local U (1) symmetry, a matter field must couple to a gauge field. We show that such a gauge field necessarily satisfies Maxwell's equations, whether the matter field coupled to it is relativistic or non-relativistic. This res...

Economic Growth in a Two-Agent Economy

This paper presents a two-agent economy, in which each agent has a consumption-dependent time preference. The optimal dynamic paths of accumulation will tend to one of many possible steady states, depending on the location of the initial capital level. One of the main results of this model arises in comparison with single-agent models. More precisely, one possible instance of the model consists...

A Discrete Two-Sector Economic Growth Model

Balanced Growth Revisited: A Two-Sector Model of Economic Growth

The one-sector Solow-Ramsey model is the most popular model of long-run economic growth. This paper argues that a two-sector approach, which distinguishes the durable goods sector from the rest of the economy, provides a far better picture of the long-run behavior of the U.S. economy. Real durable goods output has consistently grown faster than the rest of the economy. Because most investment s...