The interest rate and the rate of economic growth are often regarded as roughly constant as economies grow. Moreover …, the agricultural sector and rural population typically shrink. We show that an otherwise standard growth model that … marginal returns of capital. As a result, the interest rate and the growth rate of the economy remain constant during the …

This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per … factors that have governed the pace of the transition from stagnation to growth and have thus contributed to contemporary … variation in economic development. It uncovers the forces that have sparked the emergence of multiple growth regimes and …

capitalizing on the opportunities provided by modern services growth and continue to do so in the future. In order to shed some …

This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per … factors that have governed the pace of the transition from stagnation to growth and have thus contributed to contemporary … variation in economic development. It uncovers the forces that have sparked the emergence of multiple growth regimes and …

A growth model with endogenous innovation and accumulation of high-tech and low-tech human capital is developed. The … countries, to the transition to a services economy. Although all growth rates are optimal, we observe under-allocation of high …

Growth and poverty reduction in Africa are weakly linked. This paper argues that the reason is that Africa has failed … to create enough good jobs. Structural transformation - the relative growth of employment in high productivity sectors … - has not featured in Africa's post-1995 growth story. As a result, the region's fastest growing economies have the least …

The underdeveloped service sector in Asia has the potential to become a new engine of economic growth for developing … Asia, which has traditionally relied on export-oriented manufacturing to power its growth. The central objective of this … paper is to empirically analyze the prospects for the service sector as a future engine of growth. Our analysis of 12 Asian …

the growth path. This is why labor keeps up a substantial fraction of income. Real capital, however, that is capital … different mechanism, we show that its aggregate representation is the one of a neoclassical growth model with labor …

In the past 10 years, the service sector has been a significant contributor to overall economic growth in Bangladesh …, Cambodia, Nepal, Papua New Guinea, Uzbekistan, and Viet Nam. Sector growth has been supported by strong industrial growth in … investments. In order to increase the labor productivity of the sector and realize its potential to contribute to inclusive growth …