The productivity slowdown in the US economy since the first oil shock has recently been associated with a larger decline rate of the relative price of equipment investment and a smaller rate of disembodied technical change. We set up a growth model in which learning-by-doing is the engine of...

We explore the hypothesis that demographic changes which began in the seventeenth and eighteenth centuries are at the root of the acceleration in growth rates at the dawn of the modern age. During this period, life tables for Geneva and Venice show a decline in adult mortality; French marriage...

The effects of irreversibility and uncertainty are analyzed in a unionized economy with overlapping generations. Irreversible decisions about technology and physical and human capital are made under uncertainty and generate underutilization of labor and equipment not only over the convergence...