The inefficiency of the Italian judicial system has contributed to reduced investments, slow growth, and a difficult business environment. The enforcement of civil and commercial claims suffers from excessive delays in court proceedings, resulting in a very large number of pending cases. The Italian authorities have, over the years, taken steps to remove bottlenecks and speed up judicial procee...

We analyze how the threat of a potential future regime shift affects optimal management. We use a simple general growth model to analyze four cases that involve combinations of stock collapse versus changes in system dynamics, and exogenous versus endogenous probabilities of regime shift. Prior work has focused on stock collapse with endogenous probabilities and reaches ambiguous conclusions ab...

Labour productivity distribution (dispersion) is studied both theoretically and empirically. Superstatistics is presented as a natural theoretical framework for productivity. The demand index κ is proposed within this framework as a new business index. Japanese productivity data covering small-to-medium to large firms from 1996 to 2006 is analyzed and the power-law for both firms and workers is...

In standard endogenous growth models, the higher the research e¤ort the higher is the innovation rate of the economy. Innovating, however, is a complex process that requires an entrepreneur to implement a valuable invention. Hence when research and entrepreneurial skills compete in the allocation of aggregate resources, the relation between growth and R&D is hump-shaped. This paper proposes a m...

Examining the correlation between trade and income cannot identify the direction of causation between the two. Countries’ geographic characteristics, however, have important effects on trade, and are plausibly uncorrelated with other determinants of income. This paper therefore constructs measures of the geographic component of countries’ trade, and uses those measures to obtain instrumental va...

We construct a model where the equilibrium organization of firms changes as an economy approaches the world technology frontier. In vertically integrated firms, owners (managers) have to spend time both on production and innovation activities, and this creates managerial overload, and discourages innovation. Outsourcing of some production activities mitigates the managerial overload, but create...

We use a stochastic frontier approach to study the effects of political and regulatory institutions on aggregate productivity in 39 countries from 1975 to 1990. We show that technical efficiency is positively related to policies supporting laissez-faire and political structures that promote policy stability. Moreover, models of technical efficiency incorporating both measures perform better tha...

This paper investigates the effect of education and the role of technical progress on economic growth in Taiwan over the 1965–2000 period. A structural earnings function and indicator for average schooling years are applied to a measure of education, and a transcendental production function is used in the model. Findings reveal that education has a positive and significant effect on growth, but...

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This paper investigates the growth experience of one country in detail in order to enhance our understanding of important factors that affect economic growth. Using a two-sector model, we identify the low productivity growth in the agricultural sector as the main reason for the divergence of income per capita between Turkey and its peer countries between 1968 and 2005. An extended model that in...