Time was when solar energy was facilely dismissed as impractical, inefficient, and pricey. In recent years, however, innovations in technology, regulation, and financing have resulted in remarkable efficiency improvements and price reductions, thereby reversing the skepticism about this...

This paper discusses the forces behind the rise of the service sector - the tertiary sector - in modern economies, and examines the different roles played by the primary, secondary and tertiary sectors in the process of economic growth.

We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational-inattention model and compare it with a canonical signal-extraction model. We identify three "investment conditions". In "sour" conditions, no information is acquired and no...

A stylized fact of economic development is the structural transformation of countries from traditional, mainly agricultural societies to modern economies dominated by manufacturing and services. In this paper we provide an endogenous growth model to illuminate the role of entrepreneurial...

What drives growth at the microeconomic level? Burgess and Venables divide the factors that determine a location's growth performance into two groups, 1st advantage and 2nd advantage. The term 1st advantage refers to the conditions that provide the environment in which new activities can be...

Malaysia is among the developing economies that has shown relative promise in breaking its middle income trap (MIT). However, the lack of sophistication of institutions for industrial upgrade and the attainment of productive routines means that many local firms remain self-organized and suffer...

This paper departs from the traditional aid — economic growth studies through its examination of the impact of aid and its volatility on sectoral growth by relying on panel dataset of 37 sub-Saharan African (SSA) countries for the period 1980-2014. Findings from our system generalised methods...

This paper attempts to identify a process of cumulative reinforcements that sustained pro-growth state orientations and the other participants' motives for collaboration during the post World War II economic development East Asia. The process is elaborated in terms of the five parties who were...

As history, institutions, social and political forces specific to any economy have a profound effect on that economy's dynamics, it is important to understand how these have evolved with the development of capitalism. The classical economists analysed economies with labour surpluses, which kept...