This paper examines what makes firms grow using the investment climate survey that was conducted by the World Bank in eight developing countries. We rely on the resource-based theory of the firm that was proposed by Penrose (1959) where firm growth depends on the kinds and amount of the diverse...

There is some scepticism about Korea as role model of development as the Korean model involved a considerable degree of state activism, unacceptable in today's global environment. This paper propose a "capability-based view" of the country's catch-up development, arguing that the real lesson...

A sustainable pathway for Africa in the twenty-first century is laid out in the setting of the development of innovation capabilities and the capture of latecomer advantages. Africa has missed out on these possibilities in the twentieth century while seeing the East Asian countries advance....

This paper develops an agent-based model(ABM) to replicate financial instability, such as bubbles and crashes in asset markets, by introducing a simple idea of ‘heterogeneous expectation’ by which agents have different expectations about a ‘tipping point’ where they expect the price to...

We propose an international economic agenda to overcome the growth limits of capitalism that can be supported by the United Nations. Sustainable Environment based global goals should be added to sustainable economy. For this, we propose dynamic balance between three sub-economies such as open...