We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at intermediate stages of technological development periods when legal change is needed. The rigid system is pref...

This is a quantitative investigation of the importance of technological change speci"c to new investment goods for postwar US aggregate #uctuations. A growth model that incorporates this form of technological change is calibrated to US data and simulated, using the relative price of new equipment to identify the process driving investmentspeci"c technology shocks. The analysis suggests that thi...

In recent years, how to develop enterprise technological capability has become the foremost issue to be tackled without delay in both the theoretical and practical areas. This paper uses a model to testify the non-linear growing law of technological capability in its life circle from the viewpoint of its connotation and growth mechanism, and puts forward specific measures to elevate the technol...

The growth process for a technological leader is different from that of a follower. While followers can grow through imitation and capital deepening, a leader must undertake original research. This suggests that as the gap between the leader and the follower narrows, the follower must undertake more formal R&D and possibly face a slower overall growth rate. This paper examines these ideas by di...

Asia and Middle East represent one of the most dynamic regions in the world which has experienced fast economic and technological growth. Access to clean and affordable water is essential for building resilience and maintaining human’s well-being and livelihood development in this region. Likewise, various energy resources are fundamental to support stable economic and social progress for bette...

A growing amount of literature investigates the contribution of subsidies to productivity growth and increase in competitiveness of firms. Understanding of the impact of the subsidies on regional productivity growth is essential for the assessment of the effectiveness of public policy. This paper evaluates the impact of subsidies on technological progress, allocative efficiency and economics of...

We generalize the class of endogenous growth models in which the scale of the economy has level rather than growth effects, and study the implications of different demographic and technological factors when both fertility choice and research effort are endogenous. The model incorporates two dimensions of technological progress: vertical (quality of goods) and horizontal (variety of goods). Both...

This paper integrates fertility choice and exhaustible resource dynamics in a tractable model of endogenous technological change. The analysis shows that, under the right conditions, the interdependence of population, resources and technology produces a transition from unsustainable resource-based growth to sustainable knowledge-based growth that consists of three phases: (1) an initial phase w...

During the past decade, the World Economic Forum has published its annual reports in which the Global Competitiveness Index is included. This paper aims to investigate the key factors for achieving an innovation-driven economy. In this paper, we used partial canonical correlation analysis (PCCA) to examine the relationships between key pillars in “efficiency enhancers” and “business sophisticat...