We develop a simple optimal catch-up model under embodiment to study the potential long term dynamic relationship between total factor productivity (TFP), institutional quality, and income inequality in the context of a developing economy. Assuming a proactive role of institution in the...

Atomistic, individual-oriented economic models of criminal behavior fail to capture critical scale-dependent behaviors that characterize criminal enterprises as cultural artifacts. Public policies based on such models have contributed materially to the practice of mass incarceration in the USA....

Structural change models are potentially ideal for abstracting from a “watershed” event like the U.S. Civil War, in that they seek to explain the transformation of economies from agricultural to industrial on the basis of labor movement and incentives rather than on technical changes. We...

This article proposes an empirical model to investigate the long-run decline of the agricultural sector during economic growth. Within a two-sector representation of open regional economies, agricultural decline eventually results from the interaction of few underlying driving forces acting on...

It is now well known that the technology adoption decisions of consumers depend on the number of existing adopters (Arthur, 1989) and so, the adoption decisions of consumers are interdependent. This paper investigates the societal implications of two interdependency types that are not adequately...

This study examines the effect of using the neo-Kaleckian model to target inflation. Here, we assume the following: a model with monopolistic competition, a symmetric economy, the inflation conflict theory and the target profit share of firms depends on the number of firms and free entry. Using...

We investigate the mechanisms of knowledge governance and show that the actual economic benefits stemming from knowledge externalities depend on the characteristics of (a) the sources of such externalities, (b) the context in which spillovers take place, (c) the potential users of the...

Africa is a case of structural change without industrialization and without diversification. Agriculture's decline was matched by an increase in services and non-manufacturing industry, with manufacturing remaining low and stagnant throughout the post-colonial period. To what extent do these...

The paper is an attempt at an alternative to the rational expectations assumption in macroeconomic modelling. Emphasizing the concept of sentiment in contrast to the expectations of a single selected variable, it is meant to take an important step forward towards a canonical heterodox framework...