The ARDL bounds test of Pesaran, Shin and Smith (2001) has become an important tool for exploring cointegration. However, some pretesting is needed for its valid application: regressor variables should not be integrated of order higher than unity; the dependent variable must be integrated of...

This article is a guide to Lauchlin Currie's thoughts on development and economic growth. Growth is a necessary condition for development and a minimum of law and order is a necessary condition for growth. According to Currie, the causes of growth are not to be found in the traditional factors...

This document explores various information theoretic concepts initially developed in physics and engineering and used today in many other fields. Information is defined as a quantity inversely proportional to the probability that an event happens and entropy is defined as the expected value of...

A model is presented to illustrate the role of labor mobility in income distribution. Worker preference for different occupations and wage comparisons are combined to determine the allocation of labor between sectors and to trace the behavior of the Gini coefficient as mobility increases. The...