A general equilibrium model has been constructed in a stochastic endogenous growth economy driven by an Ito-Levy diffusion process. The minimum time to “economic maturity” for an underdeveloped economy has been computed both in the preference manifold of the modified Ramsey fashion and in...

In the paper, we are encouraged to investigate the effect of game structure imposed on the minimum-time needed to economic maturity in a dynamic macroeconomic model. Indeed, we have established a basic framework for the comparative study of the cooperative stochastic differential game and...

In the paper, we are encouraged to investigate the effect of game structure imposed on the minimum-time needed to economic maturity in a dynamic macroeconomic model. Indeed, we have established a basic framework for the comparative study of the cooperative stochastic differential game and...

This paper presents an analysis of government spending and optimal human investment allocation rate in the two sector model of an endogenous growth (education and good sectors), by comparing solutions between social planner maximization problem and decentralized competitive equilibrium, and by...

For a neoclassical two-sector optimal growth model with Cobb-Douglas technologies and sector specific technical progress, we examine three properties: i) each sector has an optimal path by which it will grow at a constant growth rate (an optimal constant growth path); ii) the optimal constant...

Thailand’s economic development has been quite successful in terms of achieving high growth rate and reasonable per capita income. The country’s economic performance in terms of the transformation of production and exports are tending toward the normal pattern of increasing share of...

This study (National Strategy) is built on the premise that accelerateddevelopment in the medium and long run in its three essential components (economic, socialand environmental) is not just one of the possible options, but an essential precondition forgradually closing the gap which still...

Thailand’s economic development has been quite successful in terms of achieving high growth rate and reasonable per capita income. The country’s economic performance in terms of the transformation of production and exports are tending toward the normal pattern of increasing share of...

The literature on aid effectiveness has focused more on recipient policies than the determinants of aid allocation yet a consistent result is that political allies obtain more aid from donors than non-allies. This paper shows that aid allocated to political allies is ineffective for growth,...

The Harrod--Domar growth model supposedly died long ago. Still today, economists in the international financial institutions (IFIs) apply the Harrod--Domar model to calculate short-run investment requirements for a target growth rate. They then calculate a "financing gap" between the required...