We contrast effects of taxing non-renewable resources with the effects of traditional capital taxes and investment subsidies in an endogenous growth model. In a simple framework we demonstrate that when non-renewable resources are a necessary input in the sector where growth is ultimately generated, interest income taxes and investment subsidies can no longer affect the long-run growth rate, wh...

Are market-based or bank-based financial systems better at financing the expansion of industries that depend heavily on external finance? Are marketor bank-based financial systems better at facilitating the formation of new firms? We find evidence for neither the market-based nor the bank-based hypothesis. We find overwhelming evidence that industries that are heavily dependent on external fina...

This paper uses a production function approach to put the recent contribution of the New Economy to US economic growth into perspective by undertaking an analysis of the sources of technical progress in the business sector over the post-war period. We model jointly a pair of factor demand equations derived consistently from an underlying CES production technology, and explicitly endogenise tech...

This paper aims to contribute to the new growth theory with a model in which the engine of growth is human capital growth. Building on Romer’s [1990] model, two new functions are introduced: (1) A speci...cation for the production of new designs that assumes no externalities and no inventions before time zero; and (2) A speci...cation for the accumulation of human capital technically similar to...

The mechanisms of growth out of backwardness are investigated in an intertemporal general equilibrium model for Thailand. Learning by exporting is assumed to be the main vehicle of international spillover. While the econometric literature discusses the causality between exports and productivity, we analyze the endogenous dynamic interaction and with long run growth effects of economic policy. T...

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C57 BL/6N mice injected intracranially with the A59 strain of mouse hepatitis virus exhibit extensive viral replication in glial cells of the spinal cord and develop demyelinating lesions followed by virus clearing and remyelination. To study how different glial cell types are affected by the disease process, we combine three-color immunofluorescence labeling with tritiated thymidine autoradiog...

In an empirical analysis, considering 236 U.S. cities in the period 1980-1990, we document a strong positive correlation between local supply of education skills and their return. In SMSA’s where the average education of workers is high the education premium is also high. This is true both considering the levels of the variables in 1980, 1990 and considering their changes. Technical progress, a...

School policy debates vacillate between policies emphasizing improvement in general skills and those aimed at strengthening the linkages between schools and the workplace. While these policies do not necessarily conflict, each is frequently motivated by shortcomings in the other. This paper presents basic evidence about the very substantial impacts of general cognitive skills on individual earn...

Institutions affect the process of economic growth through their many indicators. The authors have checked the relationship between institutions and economic growth in selected countries of South Asia by using data from 1995 to 2010. The results of ‘Fixed Effects Estimation’ and ‘Generalize Method of Moments’ confirmed the significant positive relationship between institutions and economic grow...