Scientific knowledge and technical expertise promote the wealth of nations. The traditional view is that science allows the expansion of technology, which, in turn, promotes economic development. This chapter shows that: 1) the scientific productivity of a country correlates more strongly with gross national income per capita than its technological sophistication; 2) science is important for ec...

The Baltic States regained independence and started the pathway from command economy to market economy and entered European Union at the same time. Latter internationally recognized evaluations for the countries are diverse. The present diversity of the Baltic States ’Economic Development is a subject of interest because of the similarities – all three are small, open economies, countries have ...

Pursuant to Article 1 of the Convention signed in Paris on 14 th December 1960, and which came into force on 30 th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus t...

Cárdenas-Barrón (2010) applied algebraic methods to EOQ and EPQ models without referring to differential equations, allowing researchers without backgrounds in calculus to understand inventory models with ease. In this note, we point out that the derivation for EPQ model can be obtained by a transformation of the EOQ model and then we provide a further simplification of his approach such that f...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: − to achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus t...

The Georgia Institute of Technology has been a catalyst for economic growth in the Southeast United States since its founding in 1885. Over the past 30 years, it has become known as one of the top technological universities in the world. As part of a strategic planning effort in mid2009, it sought to strengthen its thought leadership and impact through the implementation of a global innovation ...

The main purpose of this paper is to investigate the optimal retailer’s replenishment decisions under two levels of trade credit policy within the economic production quantity (EPQ) framework. We assume that the supplier would offer the retailer a delay period and the retailer also adopts the trade credit policy to stimulate his/her customer demand to develop the retailer’s replenishment model ...

In many economies, wealth is strikingly concentrated. Entrepreneurs--individuals with ownership in for-profit enterprises--comprise a large portion of the wealthiest individuals, and their behavior may help explain patterns in the national distribution of wealth. Entrepreneurs are less diversified and more heavily invested in their own companies than is commonly assumed in economic models. We p...

This paper divides economic institutions into three categories—coordination institutions, property rights institutions, and contracting institutions— and from this perspective, analyzes the role of government in Korea’s economic development from the 1960s to the 1980s. This analysis suggests that the Korean development experience is not in line with the conclusions of Acemoglu, Johnson, and Rob...

The role of health in economic development is tested using three empirical approaches: a direct labour productivity effect, an interactive effect, and an incentive effect. Using proxies for health such as access to sanitation facility, clean water, immunisation, and adult male mortality, higher levels of health are hypothesised to promote higher economic growth as healthier workers are more pro...