Animal Spirits (2009) is a timely and widely appreciated work focusing on the need to incorporate behavioral factors in macroeconomic analysis that draws on a famous reference of John Maynard Keynes. Nonetheless, it has a number of limitations. Those in several chapters are noted. Most...

This paper proposes a theoretical framework of the Macroeconomic black holes. The idea is to observe “HOW” the macroeconomic black holes can generate less economic growth according to this paper. The same paper proposes the multi-dimensional graphical modeling and a basic mathematical...

This paper provides a stylized model of the workings of a global economy where one of its key driving factors is economic agents' continuous struggle to find assets in which to park financial resources. This struggle naturally comes with euphoria and disappointments, as many of the "parking...

Cities exist because of the productivity gains arising from clustering production and workers, a process called agglomeration. How important is agglomeration for aggregate growth? This paper constructs a dynamic stochastic general equilibrium model of cities and uses it to estimate the effect of...

This paper introduces four different focuses for microeconomics and macroeconomics that are based on the uses of multidimensional graphical modeling and multidimensional mathematical modeling. The main objective of this paper is to present some classic economic theoretical approaches such as the...

Feminist macroeconomics draws on the notion that the gender system is both cause and consequence of macroeconomic structures, outcomes, and policies. In contrast, mainstream and heterodox macroeconomics have done little to integrate gender as an analytical tool in macromodelling. This paper...

This essay reviews the relationship between natural-resource abundance and economic growth around the world, and presents some new results. The principal reasons why resource-based production can inhibit economic growth over long periods are traced to the Dutch disease, neglect of education,...

To continue its economic growth and create new and better livelihoods, Africa must transform the productive side of its economy. Ongoing globalization - in trade, finance, and technology - opens up new possibilities for structural transformation, but also new risks as Africa's integration with...

Purpose – In a meta-study, we have bridged the gap between the pros and cons of a questionable finance-growth nexus. Design/methodology/approach – Over 20 fundamental characteristics that have influenced the debate over the last decades have been examined. The empirical evidence is based on...

This paper deals with the empirical investigation of causal relationship between financial deepening, economic growth and poverty reduction using quarter frequency data in case of Pakistan over the period of 1972-2011. We applied the ARDL bounds testing approach by incorporating structural...