This chapter proposes a refined and updated measurement of the World's Economic Center of Gravity over the 1950–2008 period, based on historical data provided by Maddison (2010) and on the detailed grid data of the G-Econ (Nordhaus, 2006) database. The economic center of gravity is located in...

We perform a comprehensive Monte Carlo simulation analysis of a variant of the nonstationary continuous-time stochastic growth model with Cobb–Douglas technology developed in Feicht and Stummer (2010), where for every (short-term, middle-term, long-term) time horizon the corresponding dynamic...

Economic development is the outcome of an interaction between creative intelligence and adaptive economizing. Inventors and innovators continually perturb the possibilities for production, consumption, and social organization. Adaptive economizing enables individuals to cope with changing...

Vintage capital growth models have been at the heart of growth theory in the 1960s. This research line collapsed in the late 1960s with the so-called embodiment controversy and the technical sophisitication of the vintage models. This chapter analyzes the astonishing revival of this literature...

This chapter advances a panel vector autoregressive/vector error correction model (PVAR/PVECM) framework for purposes of examining the sources and determinants of cross-country variations in macroeconomic performance using large cross-country data sets. Besides capturing the simultaneity of the...

This series is aimed at economist and financial economists worldwide and will provide an in-depth look at current global topics. Each volume in the series will focus on specialized topics for greater understanding of the chosen subject and provide a detailed discussion of emerging issues. The...

The motivation for a firm to operate overseas can vary significantly among smaller firms. The reasons why firms internationalise, rather than remain in the domestic market, vary depending upon: their industry, their home country, their managers’ perceptions and decision-making orientation....