"Empirical evidence suggests that the higher-order effects of natural disasters, which affect intangible assets, may be even more important than the material inter-industry effects. However, most existing general equilibrium models ignore higher order effects concerning human capital. Moreover,...

This paper studies the consequences of certain widespread policies for the quality and sustainability of growth. These policies cause economic inefficiency, environmental destruction and increased poverty. The paper develops a political economy model to show why the existence of such policies is...

This paper focuses on the interactions between local communities having at least some degree of informal claims over natural resources and external agents, particularly firms interested in commercial resource exploitation. The paper makes three contributions to the existing literature. First,...

This study analyzes the effects of rising water supply variability provoked by climate change on the welfare of a society whose economy heavily depends on water availability. Several studies recommend that communities should impose policies that ensure a minimum level of water allocation for...

Human, natural, and physical capital assets are a country's main resources for growth and welfare improvements. Their distribution, growth and productivity largely determine people's income and welfare. The poor rely on human and natural capital in addition to physical capital, so the...

We generalize endogenous growth models, which often assume a closed-economy, to allow for international borrowing and lending. We incorporate a prominent feature of global financial markets, that the marginal cost of borrowing facing a small open economy is dependent on the “country risk” as...

Commodity price increases associated with the entry of China, India, and other countries into the world economy have led to increased pressure on common-property renewable natural resources. The problem is particularly worrisome for economies that obtain a large share of their income from the...

Commodity price increases associated with the entry of China, India and other countries into the world economy has led to increased pressure on common-property renewable natural resources (NR). The problem is particularly worrisome for economies that obtain a large share of their income from the...