Theoretical literature identifies two variants of crowding out in an economy-real and financial. The real (direct) crowding out occurs when the increase in public investment displaces private capital formation broadly on a dollar-for-dollar basis, irrespective of the mode of financing the fiscal...

Theory of allocation of time revealed that historically market-time has never consistently been greater than the non-market time and herefore the allocation and efficiency of latter may be equally important, if not more, to economic growth than that of former. The time budget data challenged the...