This paper preserves many of the primary features of the standard neoclassical framework while introducing some modifications that transform it into an open economy endogenous growth model with knowledge accumulation. The accumulation of knowledge is determined in part by the extent of knowledge...

The "embodiment" controversy between Jorgenson and Solow in the 1960s centered on the importance of capital-embodied technological change. It technological change is "disembodied", it affects output growth independently of capital accumulation. In contrast, "embodied" technological change...

This paper analyzes the effect of educational debt and loan-forgiveness programs on both law school entry decisions and the subsequent career choices of law school graduates using a dynamic optimization model and data on several cohorts of graduates from the University of Michigan Law School.