Defensive hiring of researchers by incumbent firms with monopsony power reduces creative destruction. This mechanism helps explain the simultaneous rise in R&D spending and decline in TFP growth in the US economy over recent decades. We develop a simple model highlighting the critical role of...

History shows militarily dominant states that pursue imperialism, relying on their might to extort resources from weaker states. Occasionally, the latter revolt and the dominant state suffers some casualties. This paper explores imperialism along steady-growth paths. If the dominant state...

The optimal capital income tax rate has been shown to be nonzero in overlapping generations (OLG) models, as it helps redistribute income between cohorts and individuals with different labor supply elasticities and individual productivities. We show in a medium-scale OLG model that the optimal...

Scrutinizing post-Keynesian theory of endogenous technical progress and Régulation Theory, this paper examines productivity growth and its variation within capitalist economies. The aim is to identify how institutions steer productivity growth. Based on the vast literature demonstrating that...

This study examines the impact of regional innovation factors and their dynamic interactions on regional economic growth. Using a 10-year panel dataset from 17 provinces and cities in South Korea, we analyze the data using panel data regression and explore non-linear relationships with the...