We study how financial and educational institutions affect the evolution of income and income inequality in an overlapping generations model with heterogenous agents. While the literature mostly focuses on either physical or human capital, we make an attempt to study the joint evolution of these variables. In our model, we find that better educational institutions increase income of the individ...

Article history: Received 18 November 2011 Received in revised form 16 June 2012 Accepted 16 July 2012 Available online 21 July 2012 This paper analyzes the effect of health investment, and hence of health capital, on physical capital accumulation and long-run economic growth in an extended Ramsey model with an Arrow– Romer production function and a Grossman (1972) utility function. The paper c...

In this thesis several models are developed and analyzed in an attempt to better un derstand the interaction of culture economic structure and the dynamics of human ecological economic systems Speci cally how does the ability of humans to change their individual behavior quickly and easily in response to changing environmental conditions behavioral plasticity alter the dynamics of human ecologi...

The paper examines an R&D model with uncertainty from the population growth, which is a stochastic cooperative Lotka-Volterra system, and obtains a sufficiently condition for the existence of the globally positive solution. The long-run growth rate of the economic system is ultimately bounded in mean and fluctuation of its growth will not be faster than the polynomial growth. When uncertainty o...

This paper investigates the dynamic interactions among economic growth, unemployment, income distribution and population growth. The model combines rational behaviour of agents, and pro...ts as the crucial determinant of the accumulation of ...rms with endogenous fertility and unemployment. In particular the supply of labour is determined by micro-founded fertility choices of the individuals. W...

Banking sector openness may directly increase growth by improving the quality of financial services and increasing funds available, or indirectly by improving the efficiency of financial intermediaries, both of which may reduce the cost of financing, in turn, increase capital accumulation and economic growth. The objective of the paper is to empirically reinvestigate these direct and indirect l...

The phenomenal success of East Asian economies has centered attention on the source of their economic growth. Recent studies based on neoclassical theory have produced controversial results: the most important source of economic growth of the East Asian countries (except Japan) is capital accumulation, and the estimated rate of technological progress is very small and, in some cases, substantia...

The current crisis takes place within a long downturn. Forty years after publication of the Meadows report, new debates on the future of growth are emerging. The aim of this paper is to contribute to the general discussion on the prospects for economic growth in rich countries by stressing the relevance of some theoretical insights made by classical economists about the end of economic expansio...

a r t i c l e i n f o JEL classification: E62 H22 O41 Keywords: Two-sector model Human capital Optimal factor tax incidence This paper studies the optimal factor tax incidence in a standard two-sector, human capital-based endoge-nous growth model elucidated by Lucas (1988). Capital income taxes generate dynamic inefficiency for capital accumulation and labor income taxes create dynamic ineffici...