This thesis consists of three chapters on innovation and economic growth. Chapter 1 is a joint work with Daron Acemoglu. We study the form of intellectual property rights (IPR) policy and licensing in the context of endogenous economic growth with step-by-step cumulative innovation. The main...

This paper introduces endogenous technical change through basic and applied research in a growth model. Basic research diverts from applied research in two significant ways. First, significant advances in technological knowledge come through basic research rather than applied research. Second,...

Economics

Economics

Economics

The basic machines of macroeconomics. Ramsey, Solow, Samuelson-Diamond, RBCs, ISLM, Mundell-Fleming, Fischer-Taylor. How they work, what shortcuts they take, and how they can be used. Half-term subject. From the course home page: Course Description This half semester class presents an...

We revisit and critically reevaluate the widely accepted modernization hypothesis which claims that per capita income causes the creation and the consolidation of democracy. Existing studies find support for this hypothesis because they fail to control for the presence of omitted variables....

We study a dynamic general equilibrium model where innovation takes the form of the introduction of new goods whose production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are adapted to be produced using unskilled labor. Our...

The majority of labor transactions throughout much of history and a significant fraction of such transactions in many developing countries today are “coercive,” in the sense that force or the threat of force plays a central role in convincing workers to accept employment or its terms. We...

This paper introduces endogenous and directed technical change in a growth model with environmentalconstraints. A unique final good is produced by combining inputs from two sectors. Oneof these sectors uses “dirty” machines and thus creates environmental degradation. Research canbe directed...