This paper explores how the U.S. budget deficit affects U.S. economic growth. Time-series data for the 1973-2004 period is applied to a simultaneous equation model to estimate the various direct and indirect effects of budget deficits on growth. The results indicate that, ceteris paribus, an...

This historically-based textbook on international finance and open-economy macroeconomics provides a complete course on the theory and policies that shaped our international financial system. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book covers all the standard topics...

The ideas and concepts of Pierre Bourdieu provide insight into why the culture of economics led to the failure of economists to foresee financial instability and the Great Recession. The culture of the field of economics consists of a subjective habitus that includes smooth neoclassical...

The Solow model concludes that long-run growth depends on technological progress, which is taken by neoclassical economists as suggesting there are no limits to growth because humanity's capacity to think and expand knowledge is unlimited. This paper develops a two-sector Solow model consisting...

As a social institution, religion directly influences economic behavior, including trade. Religious culture also impacts trade indirectly because it is part of a society's overall culture, which in turn influences many other formal and informal institutions that also directly influence economic...