The primary aim of this paper is pedagogical. We first present and discuss a “wiring diagram” framework in order to elucidate the general links between economic growth and "natural capital." After developing the general framework, we develop parallel frameworks applicable to several specific sectors of the economy (agriculture, forestry, and manufacturing). Two appendices provide a mathematical...

Sustained industrial growth has been widely acknowledged as an engine of economic transformation. Less developed countries, however, remained predominantly agrarian due to lack of dynamism in the industrial economy and the low level of industrialization. Economic policy reform programme was initiated in July 1991 to generate essential dynamism in the industrial sector for successful transformat...

This paper analyzes the long-run growth-maximizing progressivity of income taxation in a standard two-period, overlapping generations model economy in which (i) there is aggregate uncertainty, (ii) attitudes towards risk and intertemporal substitution are considered apart, (iii) growth is driven by the accumulation of young individuals’ savings in the form of physical capital in an AK economy, ...

We analyze a model economy with many agents, each with a different productivity level. Agents divide their time between two activities: producing goods with the production-related knowledge they already have, and interacting with others in search of new, productivity-increasing ideas. Each meeting involves two people, each with a different productivity level. Both parties emerge from a meeting ...

The aim of this study is to examine the nonlinear effects of fiscal and monetary policies on inflation during 1990:3 to 2013:1 based on threshold model. First lag of the liquidity growth is recognized as threshold variable with threshold value estimated at 6.37 percent. In low liquidity growth, the results indicate that inflation expectations and the lagged liquidity growth are the most importa...

We introduce the results of a non-parametric estimate of the wage-Phillips Curve into a simplified version of the model by Flaschel and Krolzig (2006). The resulting non-linearity in the wage inflation-employment relation translates into a non-linearity in the reduced form of the model, namely the wage-price spiral. A dynamical analysis is then provided, both in wage-led and profit-led effectiv...

We introduce the results of a non-parametric estimate of the wage-Phillips Curve into a simplified version of the model by Flaschel and Krolzig (2006). The resulting non-linearity in the wage inflation-employment relation translates into a non-linearity in the reduced form of the model, namely the wage-price spiral. A dynamical analysis is then provided, both in wage-led and profit-led effectiv...

This paper investigates some of the man~estations and major forces driving the emergence of the new economy. A model of the virtual enterprise is proposed and investigated in the context of a virtual industry value chain. The transition to the virtual economy is definitely technology driven but is also shaped by social, economic, institutional forces. As such, it raises a number of significant ...