In most professional team sports, salary caps – first used in the mid-1980s – stabilise the financial position of teams and promote balanced competitions. Teams that do not comply with labour market regulations face heavy penalties and there is a debate about whether such labour...

In the line of Schumpeterian fully endogenous growth theory, this study attempts to investigate whether differences in research intensity as well as absorptive capacity help to explain cross-country differences in productivity growth in a panel of 55 sample countries including 23 OECD and 32...

Using over half a century of R&D data for India, this paper tests whether the second-generation endogenous growth theories are consistent with India’s growth experience. Furthermore, the paper also examines the extent to which growth in India can be explained by R&D activity, international R&D...

From the general equilibrium perceptive, this study proposes the inclusion of private savings and investments in examining twin deficits hypothesis. Using U.S. data, the empirical results support twin deficits hypothesis but the budget deficit’s elasticity is decreasing from unity to 0.43.

This paper studies internal organization of a firm using an incomplete contracting approach `a la Grossman-Hart-Moore and Aghion-Tirole. The two key ingredients of our model are externalities among tasks that require coordination, and investment in task-specific human capital. We compare three...

This paper extends conventional growth accounting exercises to allow for endogeneity of capital, the demographic transition, age dependency, and employment rates among other factors. Using data for the OECD countries in the period 1870-2006 it is shown that growth has been predominantly driven...

We estimate the returns to height using data from 12 Chinese cities. We present both ordinary least squares (OLS) and two-stage least squares (TSLS) estimates. In the latter height is instrumented using proxies for health human capital accumulated in childhood and adolescence, which influence...

Recently, a growing literature, known as the new classical economics, attempts to resurrect the classical economic thoughts on division of labor within an analytical framework inherited from neoclassical economics. The paper inspects the feasibility of this approach and finds that the current...

An empirical assessment shows that Malaysia’s business cycle indicators can be improved. Turning point detection is not impressive, especially for troughs. Lead times are also variable. However, the relationship between the leading and coincident indicators over the entire cycle shows quite...

There are currently about two dozen Lorenz models available in the literature for fitting grouped income distribution data. A general method to construct parametric Lorenz models of the weighted product form is offered in this paper. First, a general result to describe the conditions for the...