This paper builds on Yang et al (2021) which analysed the effect of wealth inequality on UK economic growth in recent decades with a heterogeneous-agent growth model where agents can enhance individual productivity growth by undertaking entrepreneurship. In this supplementary note we examine...

Capital theory is one of the most controversial topics in economics and an object of debate inside the Austrian School of Economics. If Böhm-Bawerk's capital theory, usually identified as the Austrian Capital Theory, left many Austrian economists unsatisfied, a clear definition of capital,...

A typical implicit assumption on monopolistic competition models for trade and economic geography is that firms can produce and sell only at one place. This paper fallows endogenous determination of the number of plants in a new economic geography model and examine the stable outcomes of...

Transportation infrastructure is a way for governments to achieve development goals by connecting peripheral areas to urban centers. This is particularly important in a country like China where income is highly unequally distributed across space. Yet understanding the gains from transportation...

This paper re-investigates whether larger cities eliminate more low-productivity firms, the so-called firm selection hypothesis. We exploit a huge boom of infrastructure construction in China during 1998-2007. We find that in coastal provinces, when we compare large cities to small cities which...

The paper is searching for an answer to the question how the British model affected economic development in its mother country, the United Kingdom . The statistical analysis, models of mathematical economics and econometric investigation make it probable to conclude that there was a substantial...

The author elaborated and, by a world economic investigation on 131 countries, verified a growth model considering both physical and human capital, as well as time, as the event space of creative economic activity. The main components of the model are the intensity functions using which one can...

In this paper, public investment provision takes place in a stochastic environnement. The role of the government is to remove a part of the uncertainty faced by the firm. If the government simply maximizes the value of the firm, then the optimal tax is smaller under imperfect competition than it...

In this paper, the public investment provision takes place in a stochastic environnement. The role of the government is to remove a part of the uncertainty faced by the firm. If the government simply maximizes the value of the firm, then the optimal tax is smaller under imperfect competition...

The Structural Adjustment Programme (SAP) introduced in India aimed at propelling the economy to a higher growth path and heralding socio-economic equality. In this transformed regime the State is to be a facilitator while the private players are to take up the expansionary effort. This requires...