Recent empirical studies find vast industry differences in how patent protection influences innovation and growth. An optimization of aggregate growth, therefore, implies the need for a flexible patent regime responding to each industry's characteristics. In practice, sector-specific...

Recent empirical research relates lower aggregate total factor productivity to more dispersed productivity levels within narrowly defined industries. This paper shows that specificity in creditor-borrower relationships will cause adverse selection in line with this evidence. It demonstrates how...

This paper employs a dynamic framework to compare the effects of alternative governmental activities on the process of convergence. Policy instruments include facilitating private investment and public expenditure (amount and structure) that act as enhancing individual skills. Highly skilled...