Unified growth theory predicts that the timing of the fertility transition is a key determinant of contemporary comparative development, as it marks the onset of the take-off to sustained growth. Neoclassical growth theory presupposes a take-off, and explains comparative development by variations in (subsequent) investment rates. The present analysis integrates these two perspectives empiricall...

I examine how neoclassical economic theory is useful to the understanding of economic policy. I also describe what I view as the role of economic theory in economics. This talk was prepared for the conference ‘‘Is Economics Becoming a Hard Science?’’ 29--30 October, 1992, Paris, France. An earlier version of this paper was published (in French) in A. Autume and J. Cartelier, ed. L’Economie Devi...

Abstract. Error fields and resistive magnetohydrodynamic (MHD) modes are ubiquitous in real tokamaks. They break the toroidal symmetry in |B| in tokamaks. Here, B is the magnetic field. The broken toroidal symmetry leads to enhanced neoclassical toroidal plasma viscosity and consequently the rate of the toroidal flow damping. The neoclassical toroidal plasma viscosity also results in a steady s...

This paper advances a highly tractable model with search theoretic foundations for money and neoclassical growth. In the model, manufacturing and commerce are distinct and separate activities. In manufacturing, goods are efficiently produced combining capital and labor. In commerce, goods are exchanged in bilateral meetings. The model is applied to study the effects of inßation on capital accum...

The economy is populated by a large number of infinitely lived agents. These agents are identical, and so we can effectively treat them as one. These agents consume, save in physical capital, and supply one unit of labor each period inelastically. Time runs from t = 0, . . . ,∞. The population at each point in time is Nt = (1+n) N0, with N0 given. Households get flow utility from consumption, C...

In this paper, we first present and discuss the basic logic underlying all neoclassical economic theories of “optimal” energy supply: maximization of the present value of some stream of economic returns. We then discuss how the economic theory of optimal resource depletion has evolved since Hotelling’s classic 1931 article. We also consider the power of the theory to support improved empirical ...

Experiments and theory characterize a parametric decay instability between plasma drift waves when the nonlinear coupling is modified by an electrostatic barrier. Novel mode coupling terms representing enhanced dissipation and mode phase shifts are caused by chaotic separatrix crossings on the wave-ruffled separatrix. Experimental determination of these coupling terms is in broad agreement with...

The paper deals with the automatic compilation of bilingual dictionary from specialized comparable corpora. We concentrate on a method to automatically extract and to align neoclassical compounds in two languages from comparable corpora. In order to do this, we assume that neoclassical compounds translate compositionally to neoclassical compounds from one language to another. The method covers ...

The strength of the neoclassical paradigm, generations of students have been told, lies in its hardheaded grounding in a general model of self-interested action. But recent developments in microeconomic theory have shown that the selfinterested behavior underlying neoclassical theory is artificially truncated: it depicts a charmingly Victorian but utopian world in which conflicts abound but a h...