In this paper, the expansion of private production erodes the quality of commonly owned goods, thereby forcing individuals to rely increasingly on private goods to satisfy their needs. In the face of this deterioration, households keep their labour supplies and saving rates relatively high in...

The traditional explanation of growth based on the primum and secundum movens of accumulation and technical progress, faces two major empirical anomalies. Why do people work so much i.e. why do they strive so much for money? The growth literature provides no answer to these question, nor to the...