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...

We consider the discounted aggregative model of optimal economic growth with non-convex production technology. We review some of the important results on the nature and long run behavior of optimal accumulation paths and indicate how these differ qualitatively from the ones in the classical convex version of the model.

This paper presents a two-agent economy, in which each agent has a consumption-dependent time preference. The optimal dynamic paths of accumulation will tend to one of many possible steady states, depending on the location of the initial capital level. One of the main results of this model arises in comparison with single-agent models. More precisely, one possible instance of the model consists...

Capital accumulation is the driving force of urban economic development. Many contemporary urban problems—including rapid land price inflation, greater socio-spatial inequalities, and the stresses of middle-ring suburbs—are traceable to the forms that the accumulation process is taking. Changes in the relationships between industrial capital, financial capital, and property capital underpin the...

The knowledge economy plays a leading role in current socioeconomic development and has changed industrial development. This study addresses whether changes in industrial development have improved the knowledge innovation, technical level, and productive efficiency of industries. Taiwanese industries were typically labor and technology-intensive and policy-oriented manufacturing industries in t...

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...

Institutions, and more speci…cally private property rights, have come to be seen as a major determinant of long-run economic development. We evaluate the case for property rights as an explanatory factor of the Industrial Revolution and derive some lessons for the analysis of developing countries today. We pay particular attention to the role of property rights in the accumulation of physical c...