Abstract T he return of capital is fundamental to the intertemporal allocation of resources by changing the consumption behavior and capital accumulation over time. Taxation on return of capital increases the marginal product of capital, meaning that capital stock is lower than when capital is not taxed, which results decreased growth and welfare in steady state. This pape...

â â â â â â  â  abstract â  outward-oriented economies seem to grow faster than inward-looking ones. does the literature on convergence have anything to say on this? in the dynamic heckscher-ohlin-samuelson model, with factor-price equalization, there is no convergence of incomes. this is because with identical preferences and return to capital, irrespective of initial levels the growth rates o...

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...

We decompose labor-productivity growth into components attributable to (1) technological change (shifts in the world production frontier), (2) technological catch-up (movements toward or away from the frontier), (3) human capital accumulation (changes in the efficiency of labor), and (4) physical capital accumulation (movement along the frontier). The world production frontier is constructed us...