Consumption theory and its optimization mechanism may be applied to the U.S. presidential elections. Based on Clower’s Dual-Decision Hypothesis (DDH), Wu (2017) derived the result showing change in savings is a function of labor income growth. Under DDH, consumers make optimal decision based...

Promoting sustainable consumption and production are important aspects of sustainable development. Agenda 21, endorsed by the United Nations Conference on Economic Development (UNCED) in 1992, identified unsustainable consumption and production patterns, particularly in industrialised countries,...

Currently, oil is considered as the most important commodity in our planet. It exceeds third of the international trade while world transportation, electricity, agriculture, and industry depend on oil. Economists have different opinions regarding issue of cause and effect of oil industry and...

Assessing the impact of a policy before implementation has often been a difficult feat to achieve, both at the macroeconomic and microeconomic levels. This challenge becomes even more daunting in the context of a developing country and has encouraged enormous amount of research over an extended...

This chapter demonstrates the role of financial sector in achieving the demographic dividends for the Indian economy. We developed an aggregative macro-econometric model supplemented by sectoral analysis of saving, investment and industrial productivity to explore possible connections. The model...

This paper aims to measure the investment contribution of service sector in India’s economic growth. This study brings in a novel approach by using the national income accounting framework and Harrod Domar Model to quantify services investment contribution. The study makes a distinction...

A Farewell to Alms argued based on wages, rents and returns on capital that the English by 1800 were no wealthier than in 1400. An argument against this has been the supposed consumer revolution of 1600-1750. Since ordinary families by 1750 begin routinely consuming former luxury goods, income...

We construct a model of endogenous investment specific techological change in which the stock of public capital influences the real price of capital goods. We show that the growth and welfare maximizing tax rates coincide in the planned economy. When factor income taxes finance public investment...

We construct a model of endogenous growth in which public capital financed by distortionary taxes influences investment specific technological change. Our main result is that there exist infinitely many capital and labor tax-subsidy combinations that decentralize the planner's growth rate. Hence...

Productivity is a key concept in economics and crucial for economic growth. By using different theoretical models, we show the role of several kinds of productivity, including total factor productivity (TFP) and labor productivity.