We show that the character and the morality of citizens are important ingredients of economic growth because they go hand in hand with the great institutions of private property, democ-racy, and free markets. Our approach enables us to establish this result by reference to the structure and...

In countries with relatively small firms, entrepreneurial morality is determined by the influences that shape the values, the personality and the character of entrepreneurs as owners and managers of their enterprises. To shed some light on the processes involved we estimate an ordered probit...

It is ascertained that the theorem of proportionality, which maintains that replacement investment is a constant proportion of the outstanding capital stock, has several fundamental shortcomings. It derives from a model founded on assumptions that are highly restrictive and unlikely to hold in...

This paper surveys and assesses the empirical literature that bears on the applicability of the theorem of proportionality, which asserts that depreciation is proportional to the outstanding capital stock. All available evidence shows that: a) the rates of depreciation and retirements vary from...

The efforts to alleviate poverty by increasing social budgets have failed everywhere in the world and now the question is what else can be done to support those that are left behind. In this paper we search for illumination in the approaches to education that Athens and Sparta adopted in the...

The models Feldstein and Rothschild (1974) and Jorgenson (1974) adopted to highlight the nature of the replacement ratio were identical. Yet, even though the theorems they derived from them were complementary and reinforced each other, the authors reached diametrically opposite conclusions....

This paper analyzes and compares two alternative policies of determining the service life and replacement demand for vintage equipment under embodied technological change. The policies are the infinite-horizon replacement and the transitory replacement ending with scrapping. The corresponding...

This paper investigates the effects of uncertainty emanating from technological im-provements on the optimal lifetime of assets. In does so in a dynamic model in which: a) technological change increases continuously the productivity of producers’ durables, b) po-tential competition induces...

The economic and social progress Greece achieved in the early post war decades decelerated after 1974 because all institutions sustaining the effi-cient operation of democracy and free markets were deliberately and gravely eroded. Under the impetus of hard core socialists provisions introduced...

Using data from the U. S. Bureau of Economic Analysis for the period 1947-2015, we estimate investment equations for three types of fixed assets and three policy instruments. In particular, we disaggregate investment into structures, equipment and intangibles, and the policy instruments into the...