The literature on growth theory is rich with models attempting to explain growth differences among countries. Several variables have been proposed many of which were found to be positively related to growth. However, a major problem with these models is that the factors explaining growth are...

Austerity measures have been tested in developing countries for several decades under the pseudo name of ‘structural adjustment programmes’ following the recommendations and under the supervision of the World Bank (WB) and the International Monetary Fund (IMF). Evidence indicates...

This paper presents some challenges encountered by non-neoclassical economists in explaining that money is not a commodity, that it is not backed by gold, and that it is not scarce. We discuss the role of commercial banks in creating money by simply granting loans. We then explain that, in a...