Unified growth theory predicts that the timing of the fertility transition is a key determinant of contemporary comparative development, as it marks the onset of the take-off to sustained growth. Neoclassical growth theory presupposes a take-off, and explains comparative development by...

This paper notes that the Mankiw, Romer, and Weil formulation of the augmented Solow growth model has implications not only for the steady-state growth rates but also for how these growth rates would change if there are changes in fundamentals. The analysis supports several of Mankiw, Romer, and...

In this didactical exercice we show that the long run welfare gains from international financial integration differ when using the Solow model vis-à-vis the Ramsey model. While the former predicts beneficial effects of financial integration on the wealth and consumption of a poor country...