www.phil.frb.org rising incomes. Between 1996 and 1999, labor productivity grew at an average rate of 2.6 percent a year, much faster than the 1.6 percent average annual increase experienced over the previous two decades.1 This allowed the U.S. economy to grow more rapidly, and with less inflation, than most economists dared to predict five years ago. Economists Stephen Oliner and Daniel Sichel...

www.phil.frb.org rising incomes. Between 1996 and 1999, labor productivity grew at an average rate of 2.6 percent a year, much faster than the 1.6 percent average annual increase experienced over the previous two decades.1 This allowed the U.S. economy to grow more rapidly, and with less inflation, than most economists dared to predict five years ago. Economists Stephen Oliner and Daniel Sichel...

The purpose of this study is to answer the research question, “How do we conquer the growth limits of capitalism?” Based on existing studies on growth limits of capitalism by Marx and Schumpeter as well as the recent discussions of Drucker, Rifkin, and Piketty, the dynamic model of an open innovation economy system (OIES) is proposed as an answer to this research question. OIES consists of an o...

In this paper, we replicate Nelson-Winter model in order to analyze the inter-enterprise competition from the perspective of economic change. For this purpose, we build the simulation model as MultiAgent-Based Simulation in PlatBox Simulator. By replicating the Nelson-Winter model, which clarifies the mechanism of competition among firms, further studies on economic growth can be made. As a res...

Malaysia’s economic track record in development is extremely impressive by any standards. The economy has made quantum leaps in just over three decades. It is noteworthy that rapid economic growth has been accompanied by a more equitable income redistribution without significant inflationary overtones. Trade represents the life-blood of the Malaysian economy with foreign direct investments play...

There has been a growing interest of China‟s rapid economic growth, particularly agriculture-led growth and poverty reduction. In fact, China and Africa have developed their agriculture under different historical conditions. China‟s agriculture-led growth and poverty reduction and small holder based agricultural development policy can provide useful experiences for Africa countries to develop t...