National prosperity

Patience and prosperity

This paper introduces wealth-dependent time preference into a simple model of endogenous growth. The model generates adjustment dynamics in line with the historical facts on savings and economic growth in Europe from the High Middle Ages to today. Along a virtuous cycle of development more wealth leads to more patience, which leads to more savings and even higher wealth. Savings rates and incom...

Universities, key to prosperity.

By almost any measure, U.S. research universities are consistently ranked among the best in the world. Beginning with the Morrill Act (Land Grant College Act) of 1862, federal and state policies have underscored the nation's commitment to building the finest research institutions. As such, U.S. universities have been the incubators of the nation's prosperity. E. I. du Pont de Nemours and Compan...

Preschool and Prosperity

Substantial research shows that high-quality early childhood education programs have a large economic payoff. This payoff is increased earnings for former child participants, increased earnings for parents, and increased earnings for all workers when average worker skills improve. A program package of universal pre-K, combined with child care and parenting support for all low-income families, w...

Dynamics of Inclusive Prosperity

Prosperity and Environmental Quality