If government revenues from a flat-rate income tax are spent on public factors and public factors are used for human capital production and human capital is used for the production of technical progress, then a higher rate of taxation will lead to a higher rate of technical progress if steady...

We conduct a comprehensive study of macroeconomic modeling methods, new theories of economic growth and the impact of technology and institutions on economic growth, in order to formulate the basic characteristics that are critical for efficient technological and institutional effects modeling....

We use U.S. county-level data to estimate convergence rates for 22 individual states. We find significant heterogeneity. E.g., the California estimate is 19.9 percent and the New York estimate is 3.3 percent. Convergence rates are essentially uncorrelated with income levels.

In a demand-side growth model, we show that a developing economy may experience a steady positive equilibrium growth rate of investment and profit- as long as investment in the economy is responsive to the aspirations of the richer section of the population to match the consumption level of the...

The theme of economic development has always had an important role at the center of macroeconomic research, meanwhile microeconomic environment; uncertainty has its due prominence. However, few authors develop these issues jointly, although the uncertainty holds an important role in decision...

This paper presents a somewhat novel theory of innovation in the economy wide setting. The starting point for this theory is the creative destruction process at the firm and industry level. However, an extension to an economy wide setting requires the explicit theorization of the role of the...

The study aims to investigate the impact of patent and digitalization on economic growth in Romania. Our data was retrieved from the World Development Indicators database (World Bank 2021) from the period 1990-2020. Empirical fundings indicated that digitalization and patent have a positive...