Empirical evidence on the growth benefits of capital inflows is mixed. The growth benefits accruing from capital inflows also appear to be larger for high savings countries. We explain this phenomenon using an OLG model of endogenous growth in open economies with borrowing constraints that can...

Prior to the financial crisis mainstream monetary policy practice had become disconnected from money. We outline the basic rationale for this development using a simple model of money and credit in which we explore the conditions under which money matters directly for the conduct of policy....

Kaldor’s first law of growth posits a positive causal relation between the growth of manufacturing output and the growth of GDP due to static and dynamic returns to scale in manufacturing and rising productivity outside the manufacturing sector as resources are transferred from diminishing...

Integrative systems biology (ISB) is among the most innovative fields of contemporary science, bringing together scientists from a range of diverse backgrounds and disciplines to tackle biological complexity through computational and mathematical modeling. The result is a plethora of...

This article approaches the topics of invention and innovation by way of cultural theory. Building on the works of Ferdinand de Saussure and John Austin, the article offers definitions of invention and innovation in semiotic and performative terms. It conceptualizes invention as a process of...

Our paper offers a contribution to the growing literature on the sociology of innovation rather than the still dominant economic theory of innovation. We suggest that innovation first and foremost represents a process of cognitive displacement whereby existing metaphorical frameworks are...

Different disciplines have analyzed binary choices to model collective behavior in human systems. Several situations in which social dilemma arise can be modeled as N-person prisoner’s dilemma games including homeland security, public goods, international political economy among others. The...

The smartphone can be considered a great example of how technology provides us with information at our fingertips anytime, anywhere. However, we have been operating mostly in the dark without a clear understanding of what our mobile devices have to offer and how people arrive at creative re-use...

This paper examines Gibrat’s law in England and Wales between 1801 and 1911 using a unique data set covering the entire settlement size distribution. We find that Gibrat’s law broadly holds even in the face of population doubling every fifty years, an industrial and transport trevolution,...

This paper assesses Revolutionary and Napoleonic wartime economic policy. Suspension of gold convertibility in 1797 allowed the Bank of England to nurture British monetary orthodoxy. The Order of the Privy Council suspended gold payments on Bank of England notes and afforded simultaneous...