Determining the driving forces of economic growth has a paramount importance in economic studies. Early studies suggested physical capital accumulation as the main driving force of growth. However, the recent studies try to resolve the flaws of neo classical school on growth by expanding the concept of capital equipment and machinery to a wider range of human knowledge, on one hand, and in...

Abstract. System dynamics modelling is one of the best scientific methods for modelling complex, nonlinear natural, economic and technical system dynamics as it enables both monitoring and assessment of the effects of intellectual capital on economic growth. Intellectual capital is defined as “the ability to transform knowledge and intangible assets into resources to create wealth for a company...

We measure the United States capital stock of money implied by the Divisia monetary aggregate service flow, in a manner consistent with the present-value model of economic capital stock and asset pricing theory. The resulting measures differ substantially from the usual simple sum accounting monetary aggregates. We permit non-martingale expectations and time varying discount rates. Based on Bar...

Economic Growth and Tertiary Education Arguments that link education and economic growth are familiar to all of us. A recent analysis of sources of economic growth conducted by the Organisation for Economic Cooperation and Development (OECD) found that improvement in human capital—as measured by increasing levels of educational attainment— was a common factor behind growth in all OECD member co...

human capital has always been of high importance in economic growth literature. in this regard, several studies have tried to explain the role of this variable via the use of different models. the present study, in line with the previous ones, going to estimate the share of human capital in iranian economy production from 1974 to 2011 within the framework of ozawa (1965) and lucas’s (1988) endo...

Our research begins with a theoretical critique of the social capital literature, and then focuses on Old Harbor, Alaska. In this remote outpost, mainly populated by Alutiiq people, all entrepreneurs self-identified as Euro-Americans or multi-ethnic, not Alutiiq. Although Alutiiq people have abundant social capital, which they employed for economic purposes, they did not employ their social cap...

This paper proposes a dynamic economic model with physical capital and renewable resources. Different from most of the neoclassical growth models with renewable resources which are based on microeconomic foundation and neglect physical capital accumulation, this study proposes a growth model with dynamics of renewable resources and physical capital accumulation. The model is a synthesis of the ...

The rule of ideologies which ban interest or usury which is earned through lending money has led to developing economic systems that differ from conventional economic systems in which ,interest has been entered. The presence of systems not relying on interest, in turn, has questioned the necessary motives in capital establishments through savings. In this paper, while defining the concepts of m...

Taking as its motivating puzzle South Korea’s remarkable economic development over the past half-century, this paper examines the logic of South Korea’s transition to an economic model of export-led industrialization. I propose a theory of the origins of the transition to export-led industrialization that differs from the dominant arguments in the existing literature. I argue that the willingne...