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One important aspect of the resulting indebtedness in full-fledged market economies is the mutual influence between different economic sectors. Therefore, alongside the government indebtedness, one mu...
We examine the role of increased life expectancy in raising human capital investment during the process of economic growth. We develop a continuous time, overlapping generations model in which indivi...
There is a growing consensus that food security is vital to the general wellbeing of any economy, but a far less consensus on whether food security can spur economic growth in a country. Many economic...
The aim of the paper is to econometrically model the relationship between national fiscal expenditure on human capital (national education and training expenditure) and the efficiency of the human res...
After “opening up” in 1978, China followed a development strategy that has led to internal and external economic imbalances, especially since its labour market reform of the mid-1990s and the resultin...
We all know what a popular buzzword “industrial policy” has become inWashington these days. The trouble seems to be that the term “industrial policy” means different things to different people. To ...
It is a great honor, as well as a great pleasure, forme to contribute to this Festschrift honoring Peter Bauer and his pathbreaking work on economic development. My acquaintance with Bauer’s point o...
The Third World, often called the less developed countries (LDCs), consists of over 100 nations in Africa, Asia, the Middle East, the Western Hemisphere, and the Mediterranean. Most ofthese countrie...
It is often nearerthe truth to say that capital is created in the process of economic development than that development is a function of capital accumulation. —P. T. Bauer
Over the past decade or so, professional economists have increasingly questioned the once prevailing conventional wisdom that state and local taxes are unimportant in determining variations in the ...
Any significant government intervention beyond the limits defined by the minimal or protective state will counter, indeed may block, the dissipation of rents (Buchanan 1980: 7). Rent-seeking activit...
It seems obvious that economic growth should reduce poverty, yet the issue remains controversial. Some scholars assert that economic growthdoes not eliminate poverty and may exacerbate the problems ...
A copious body of theoretical literature has developed that maintains that rent-seeking activity (RSA) inhibits economic growth by diverting resources from productive uses (Buchanan 1980; Tollis...
Ownership, Growth, and Stability The Bush administration’s emerging market strategy is an interrelated part of our overall international economic agenda. The agenda focuses on two goals: increasing...
Each year the Fraser Institute and the Heritage Foundation (in conjunction with the Wall Street Journal) publish indexes of economic freedom, while the Freedom House publishes an index of politic...

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