This paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence: a model emphasizing physical capital accumulation and...

Using a calibrated growth model, the dynamic effects of NAFTA on Mexican development are studied. Two scenarios are analyzed. In the first, NAFTA is assumed to stimulate inflows of physical capital into Mexico. These inflows reduce the interest rate and raise the wage rates for both skilled and...

University of Chicago economist and former Minneapolis Fed adviser Nancy Stokey on the goals and methods of the Copenhagen Consensus, in which 8 prominent economists used benefit/cost analysis to evaluate and prioritize projects to address serious global problems. (Annual Report essay)

Global Exchange and Poverty Trade, Investment and Migration Edited by Robert E.B.Lucas Professor of Economics, Boston University, USA Lyn Squire" Past President, Global Development Network, New Delhi, India T.N. Srinivasan Samuel C. Park, Jr. Professor of Economics, Economic Growth Center,...