Competition among banks promotes growth and stability for an economy with production externality. Following Arrow and Debreu (1954), I formulate a standard growth model with externality — a two-period version of Romer (1986) — as a game among consumers, firms, and intermediaries. The...

Functions or “functionings” enable to give a structure to any activity and their combinations constitute the capabilities which characterize economic assets such as work utility. The basic law of supply and demand naturally emerges from that structure while integrating this utility within...

We study a simple variant of the von Neumann model of an expanding economy, in which multiple producers produce goods according to their production function. The players trade their goods at the market and then use the bundles acquired as inputs for the production in the next round. We show that...

This paper studies the different mechanisms and the dynamics through which demography is channeled to the economy. We analyze the role of demographic changes in the economic development process by studying the transitional and the long-run impact of both the rate of population growth and the...

Recent studies document the deteriorating performance of forecasting models during the Great Moderation, which conversely implies that forecastability was higher in the preceding era when the economy was unexpectedly volatile. We explain this phenomenon in the context of equilibrium...

This paper presents a Solow Growth Model with the labor force ruled by the logistic equation added by a constant migration rate, I. We prove the global asymptotic stability of the capital and production per capita. Considering a Cobb-Douglas production function, we show this model to have a...

This study suggests that the development process of a less-developed country can be divided into two stages, which demonstrate significantly different properties in areas such as structural endowments, production modes, income distribution, and the forces that drive economic growth. The two...

This work examines the impact that economic growth can have on biodiversity and on the ecological dynamics that would naturally emerge in the absence of human activity. The loss of biodiversity may induce policy-makers to implement defensive actions that prevent single species from extinction....

The aim of this research is to build on a theory for explaining economic development in a (neoclassical) growth model with endogenous fertility. The economy is comprised of overlapping generations of rational and identical individuals and identical competitive firms producing with a...

The literature on the Kuznets curve and that on the environmental Kuznets curve share several features. The analogy between the two curves concerns not only their shape, but also the theoretical explanations underlying them and the methodology used in the empirical studies. Although the evidence...