The paper proposes a new test of endogenous vs. exogenous growth theories based on the Granger-causality methodology and applies it to a panel of 20 OECD countries. The test yields divergent evidence with respect to physical and human capital. For physical capital, the test results favor Solow-type exogenous growth theory over AK-type endogenous growth models. On the other hand, the test result...

The gap between the world's rich and poor countries largely comes down to the financial and physical assets that create wealth. Developed economies possess more of this capital than developing ones, and what they have usually incorporates more advanced technologies. The implication is clear: A key aspect of economic advancement lies in poorer nations' capacity to acquire more capital and scale ...

The paper proposes a new test of endogenous vs. exogenous growth theories based on the Granger-causality methodology and applies it to a panel of 20 OECD countries. The test yields divergent evidence with respect to physical and human capital. For physical capital, the test results favor Solow-type exogenous growth theory over AK-type endogenous growth models. On the other hand, the test result...

This paper opens a new perspective from which one can explain the presence of government intervention in education even in the absence of human capital externality. It argues that consumption externalities can provide rationale for government intervention in education. Within the context of overlapping generations economy, it has also been shown that competitive equilibrium either underaccumula...

We examine the relation between venture capital (VC) investments and mergers and acquisitions (M&A) activity around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the hypothesis that an active M&A market provides viable exit opportunities for VC companies and therefore incentivizes them to engage in more deals. We als...

OBJECTIVES To examine the extent to which individual and ecological-level cognitive and structural social capital are associated with common mental disorder (CMD), the role played by physical characteristics of the neighbourhood in moderating this association, and the longitudinal change of the association between ecological level cognitive and structural social capital and CMD. DESIGN Cross-...

Estelle J. Dominati AgResearch, Grasslands Research Centre, Tennent Drive, Private Bag 11008, Palmerston North 4442, New Zealand ABSTRACT: The concepts of natural capital, ecological infrastructure, and ecosystem services are reviewed for soils and managed landscapes. Translating theoretical frameworks and insights addressing soil functioning into operational models and tools for resource manag...

Submit Manuscript | http://medcraveonline.com The Theory of Economic Growth has its formal beginning from the seminal developments of Harrod & Domar [1]. Subsequently, in view of the well-known criticisms of these developments, particularly the intrinsic instability and the impossibility of achieving a stable equilibrium in the Harrod model, the Solow growth model emerges. In its full version, ...

X. W. Guan,1 M. T. Batchelor,1,2 C. Lee,3 and M. Bortz1 1Department of Theoretical Physics, Research School of Physical Sciences and Engineering, Australian National University, Canberra, Australian Capital Territory 0200, Australia 2Mathematical Sciences Institute, Australian National University, Canberra, Australian Capital Territory 0200, Australia 3Nonlinear Physics Centre and ARC Centre of...