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...

This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....

The formal differentiation of (i) pain incentives from ordinary rewards, (ii) of effortful from careful production and (iii) of diligent from slothful workers under labour market imperfect competition ultimately suggests that the optimal menu of contracts associates inducements to production...

The purpose of this paper is to provide a conceptual framework on the relationship between corruption and development. The paper demonstrates how the impact of corruption on economic development (ED) might vary substantially from sustainable development (SD). A combination of literature-based...

We use US county level data (3,058 observations) from 1970 to 1998 to explore the relationship between economic growth and the extent of government employment at three levels: federal, state and local. We find that increases in federal, state and local government employments are all negatively...

I estimate the effects of national symbols and globalization on the well-being of 88 countries. I find that conventional determinants of production affect national well-being, measured as human development index (HDI). The effects on HDI of national symbols like national flag colors are...

Using a simple production function approach I show that conventional factors and forces of production, national identity, and globalization are important to national well-being, but in varying ways. Whereas investment in capital and globalization, especially social globalization, affect national...

The “Hoosier Comeback” program, sponsored by the Indiana Economic Development Corporation, is part of a strategy to boost economic growth, in this case through increasing the quantity and quality of available human resources by providing subsidies to encourage the return of former residents....