The authors examine the relative importance of the growth of physical and human capital and the growth of total factor productivity (TFP) using newly organized data on 145 countries that span more than one hundred years for twenty-four of these countries. For all countries, only 3 percent of...

Krugman (1991a,b) illustrated that natural (regional) free trade agreements (FTAs) are likely welfare enhancing if intercontinental transport costs are prohibitively high, but are likely welfare reducing if such costs are zero. Frankel, Stein and Wei (1995) extended the analysis to consider...