This paper presents a theoretical model to analyze the effects of technology change on growth rates of income and human capital in the uncertain environments of technology. The uncertainty comes from two sources; the possibility of a technology advance and the characteristics of new...

The paper presents a theoretical model and its simulation to explore the process of the fall of nations by focusing on moral and cultural decline, as well as military overstretch. In the model, a representative agent divides his time among military spending, material production, the consumption...

This paper presents a theoretical model and empirical evidence to explain the observation that a country in which the level of technology approaches the technology frontier tends to rely more on technology creation than adoption, and to invest more in basic research than in development. The...