We illustrate two di¤erential oligopoly games using, respectively, the capital accumulation dynamics à la Nerlove-Arrow, and the capital accumulation dynamics à la Ramsey. We prove that these games bene...t from the property that closed-loop memoryless solutions degenerate into open-loop solutions, since the best reply of a generic ...rm is independent of the rivals’ state variables, which enta...

We study the impact of natural resource abundance and resource inequality on capital accumulation in a simultaneous model of physical and human capital for a sample of 18 Latin American countries from 1970-2004. We find that physical and human capital are jointly determined, in that human capital has a positive and significant effect on physical capital and vice versa. We show that the long run...

This paper considers a capital accumulation model that was previously analyzed by Barucci (1998). The specific feature of the model is that revenue is a convex function of the capital stock. We extend Barucci's work by giving a full analytical characterization of the case where a saddle point with a positive capital stock level exists. Furthermore we also analyze the other cases.

This paper develops an endogenous growth model of a dual economy where human capital accumulation is the source of economic growth. The dualism between the rich individuals and the poor individuals exists in the mechanism of human capital accumulation. Rich individuals allocate labour time not only for their own production and knowledge accumulation but also to train the poor individuals. Stead...

We investigate an OLG economy where an AIDS epidemic influences human capital accumulation and growth through the creation of large numbers of orphans. We study how intrafamily allocations regarding school and work time of children are adjusted in the face of AIDS within a family, and how, in turn, these adjustments influence accumulation of physical and human capital. We compute the aggregate ...

The primary objective of this study is to verify the effects of the accumulation of intellectual capital on organizational performance of Taiwan-listed IC design houses; while using productivity as the moderator, and interviewing management staff of section-supervisor level and above of these design houses as the research subjects. The simple Random Sampling method is used to sample the populat...

In this paper we show that bank competition has an intrinsically ambiguous impact on capital accumulation. We further show that it is also responsible for the emergence of development traps in economies that otherwise would be characterized by unique equilibria. These results explain the conflicting evidence emerging from the recent empirical studies of the effects of bank competition on econom...

Young adults observe wage rates, interest rates, and child mortality and decide about savings and the quantity and quality of their children. Expenditure on child quality causes human capital accumulation as an external effect. If mortality is high parents prefer to have many children and spend only essential rearing effort. Without human capital accumulation the economy may stabilize in an equ...

This paper tests a model in which entrepreneurship-specific human capital accumulation through learning-by-doing is the key factor behind entrepreneurial dynamics. I derive testable predictions of the theory that allow it to be distinguished from alternatives. I then exploit the 1997-98 Indonesian financial crisis as a natural experiment that provides exogenous variation in entry into self-empl...

Recently, much attention is given to financial-growth nexus, but largely via the physical capital accumulation channel. This study differed by examining this nexus, via the human capital accumulation channel in the ECOWAS region. It employed panel cointegration approaches as well as the FMOLS, DOLS. The results revealed that bank private credit and domestic private credit contribute significant...