The Industrial Revolution and the Demographic Transition are the two great forces that explain the upward march of modern incomes. This paper sets out the empirical realities attempts to unify these events through theories of human capital investment have to meet. The major difficulty is to form an explanation which connects them which can also reconcile the seeming differences in fertility beh...

The advent of modern science made possible the emergence of sustained economic growth. Without growth in scientific knowledge, the productivity growth experienced during the Industrial Revolution would have eventually diminished, as did growth from previous ‘productivity revolutions’ (i.e. agriculture, expansions of trade). Yet scientific knowledge, as distinct from technology or economic produ...

We consider a general class of endogenous growth models with infinitely lived households and analyze how different budgetary rules affect the stability of the economy. We show that a discretionary fiscal policy implies that the government always violates its inter-temporal budget constraint along a balanced growth path, whereas a balanced budget rule tends to stabilize the economy. A rule based...

The main purpose of this study is to provide an assessment of the different experiences of convergence of the four less developed EU members (Spain, Portugal, Ireland and Greece) after joining the EU and their main determining factors. Here special emphasis is placed on the assessment of their respective capital stocks, both physical and intangible, given their essential influence on growth and...

This paper examines intertemporal risk–taking in a stochastically growing economy with externalities in human capital accumulation where agents have preferences for social status. In order to isolate the effects of status concerns on long–run expected growth, the analysis is embedded in a nonexpected utility setting, which disentangles the effects from risk aversion and intertemporal substituti...

Four stylized facts of economic growth in DCs are set up initially. Despite its obvious simplicity the linear growth model with subsistence consumption is able to reproduce two of them: a rise in the saving rate along with per capita income as well as b-divergence. The rate of convergence shows extraordinarily low values at early stages of economic development. Hence, the big diversity in growt...

An unresolved debate in the development literature concerns the impact of gender inequality on economic growth. Previous studies have found that the effect varies, depending on the measure of inequality (wages or capabilities). This paper expands that discussion by considering both the shortand long-run, evaluating the effects of gender equality in two types of economies—semi-industrialized eco...

Based on a structural vector autoregressive framework the monthly data from April 1997 to July 2016, this study is an attempt show impact of crude oil price rate inflation and economic growth in India. The results showed that has positive whereas inverse relation exists between growth. Further, we segregated into two components, is, negative partial sum through nonlinear asymmetric distribution...