The paper presents a model of social and economic development which relaxes some of the assumptions made in existing papers on the determinants of growth. In particular, the model allows for multidirectional causality between social and economic indicators. The model indicates that there are...

This study provides an overview of a broad range of existing measures that go beyond gross domestic product (GDP) to offer a more complete and accurate picture of how a society and its economy are faring. Based on a review of the literature and an analysis of major arguments and rationales for...

To clarify the causal links between financial activity and economic growth, three theoretical models are analyzed and a structural equation path models is estimated. In the modeling part, poverty traps result from large fixed costs or high proportions of real investment to run a financial...