[eng] An illustrative disequilibrium model of productivity growth is used to show that neither bounded rationality nor disequilibrium at the micro level is necessary for the economy as a whole to be in a continuing state of disequilibrium. The model shows how the interac­tion of productivity...

This book is a collection of original articles that view the current state of knowledge about the convergence hypothesis.

Why does a dynamic growing economy have a persistent long-term unemployment problem? Research Associates William J. Baumol and Edward N. Wolff have isolated one cause. Although technological change, the engine of growth and economic progress, may not affect or may even increase the total number...

In this paper we confirm the universality of steadily rising education expenditures among OECD nations, as predicted by “Baumol and Bowen's cost disease”, and show that this trajectory of costs can be expected to continue for the foreseeable future. However, we find that while the level of...