The paper is concerned with structural change in the growth process and the role of uncertainty. Uncertainty is conceived as the means of removing the obstacles of growth through the activation of knightian entrepreneurship. A dynamic stochastic model of continuous-time growth is proposed. The...

This paper analyzes a model of the transition to agriculture by allowing heterogeneous agents to make the decision on whether to engage in farming or foraging. The threshold level, which divides foragers from farmers, depends on both agricultural productivity and foraging efficiency. As...

Using data for the years 1972-2006, we calibrate the dynamic general equilibrium model of structural change by Kongsamut et al. (2001) to Turkey. We then predict the shares of output and employment for the agricultural, manufacturing, and services sectors along the balanced growth path for...

We present results from quantitative exercises using the Lucas and Romer endogenous growth models, from which we calculate welfare losses from the distortions presented in the Romer model. Moreover, comparing the models to data, we show that an economy governed by the Romer model would attain a...

Using a panel dataset of 86 countries from 1960-2005, this paper empirically assesses the effect of several democracy proxies (by means of the Polity IV database), together with a set of control variables, such as human capital and the initial level of GDP per capita, on the rate of economic...

Nanotechnology is expected to have a major impact on global economies this century and is an important sector for Jamaica in achieving the agenda of becoming a competitive and dynamic knowledge-driven economy by 2030. Key to this will be the active participation of small and medium-sized...

The paper is concerned with structural change in the growth process and the role of uncertainty. Uncertainty is conceived as the means of removing the obstacles of growth through the activation of knightian entrepreneurship. A dynamic stochastic model of continuous-time growth is proposed. The...

Nanotechnology is expected to have a major impact on global economies this century and is an important sector for Jamaica in achieving the agenda of becoming a competitive and dynamic knowledge-driven economy by 2030. Key to this will be the active participation of small and medium-sized...