Results: This paper finds that a combination of immediately delayed retirement and accumulated pension system should be implemented if based on the goal of maximizing output, while a combination of undelayed retirement and accumulated pension system should be implemented if based on the goal of maximizing utility. Certainly, with using efficiency of elements unchanged, with the decrease of work...

China is one of the most dynamic regions in the world in terms of economic growth and development. Such development has inevitably influenced the structure and habits of Chinese society. Whilst the economic condition of the middle class and high-income segment has steadily improved, cultural changes are also under way: ancient Chinese traditions now include major elements from other cultures, m...

Article history: Received 24 June 2011 Revised 12 May 2012 Available online 25 May 2012 JEL classification: O12 O17 O50 P48

Entrepreneurship in Advanced and Developing Countries: A Microeconomic Perspective The purpose of this paper is to provide a contribution to the identification of the role of entrepreneurship in economic growth by mapping out: 1) alternative ways of looking at entrepreneurship, distinguishing ‘creative destruction’ from simple ‘turbulence’; 2) the different microeconomic determinants of new fir...

This paper analyzes the sources of economic growth of the world economy, seven regions, and fourteen major economies during three periods – 1989-1995, 1995-2000, and 20002006. We allocate the growth of world output, as measured in the World Bank’s International Comparison Program, between input growth and productivity. We find, surprisingly, that input growth greatly predominates! Moreover, exc...

The transition from subsistence to commercial agriculture is key for economic growth. But what are the consequences for nutritional outcomes? The evidence to date has been scant and inconclusive. This study contributes to the debate by revisiting two prevailing wisdoms: (a) market participation by African smallholders remains low; and (b) the impact of commercialization on nutritional outcomes ...

This paper examines empirically the relationship between the relative price of capital and the rate of economic growth. In the results. machinery appears to bc the most important component of capital: when the relative price of machinery and the relative price of nonmachinery are included in a Barro ( 199 1) growth regression, a strong negative relationship between growth and the machinery pric...

F M. and N A. (2005) Regional geographic research and development spillovers and economic growth: evidence from West Germany, Regional Studies 39, 143–153. The paper is based on recent theoretical writings in growth economics that emphasise the effects of both own research and development efforts and of interregional technology spillovers on regions’ productivity. It proposes robust e...