According to Kaldor (1970), regional growth patterns arise from a cumulative causation process as broadly combining two substantial mechanisms i.e. a productivity regime, known as the “Kaldor-Verdoorn” law, and a demand regime due to the expansion of exportations. This paper attempts to...

Indeed, it has been asserted that the most fundamental resource in the modern economy is knowledge while the most important process of economic development is learning. Therefore, e-commerce is an important contributor to the learning process which shapes economic performance. In fact, it...

The principal contribution of this article is that it provides evidence of recent trends of inequality in Guyana, but the article goes beyond this and describes the evolution of inequality since 1974 to 2013. This is done within a Kaleckian framework to derive profit and wage rates, since recent...

In our previous paper “Can Trust Explain Social Capital Effect on Property Rights and Growth?” (Hall & Ahmad, 2013) we show that generalized trust data by the World Value Survey (WVS) are unable to yield sufficiently robust results in panel estimation due to missing observations problem. In...

Culture can now be used as an instrument for sustainable economic growth and developmental instrument of cities. By reorganizing the socio-economic fiber of cities and using cultural activities for economic growth, we can drive these cities towards sustainable development. This was successfully...

We study the cultural process through which a society inculcates an entrepreneurial spirit. People work for a guaranteed wage or operate a firm whose return depends on business expertise. The latter is culturally acquired, within the family or outside, and people may choose an occupation...

Overaccumulation of financial capital at the expense of the real sector resulted in falling wages as well as in the most recent global financial crisis. This is a topic of increasing interest, as the idea that some developed economies have reached a stage of overfinancialization has gained some...

In this paper the theoretical literature relating to the Prebisch-Singer Thesis and economic development is extensively reviewed. The aim is to examine models which exhibit a positive relation between indicators of economic development, such as per capita income, real wages, or employment and...

This paper analyzes the role of income distribution in macroeconomic analysis. The study demonstrates that the long-run equilibrium depends on the initial distribution of income. In accordance with empirical evidence concerning the correlation between income distribution and output, an economy...

This paper discusses the existence of a bubble in the pricing of an asset that pays positive dividends. I show that rational bubbles can exist in a growing economy. The existence of bubbles depends on the relative magnitudes of risk aversion to consumption and to wealth. Furthermore, I examine...