neo-classical economics‚ technological progress is regarded as the driving force behind economic growth (Chennells and Reenen). This notion has been further strengthened by endogenous growth theory which states that in order to sustain a positive growth rate of output per capita in the long run‚ there must be continual advances in technological knowledge (Aghion and Howitt‚ 1998). Hence given its role in economic growth a common deduction that people can make is that technical progress leads to higher efficiency
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changed the lifestyles of millions of people. So far no one has figured out why the Industrial Revolution was delayed until around the 1800.Even though there are many different theories trying to solve the puzzle of the Industrial Revolution all of them face some problems and Gregory Clark tells us about the main theories and gives us his reasoning as to why explaining the Industrial Revolution is an almost impossible challenge. Since the industrial boom had such a huge impact on humanity I
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Introduction Endogenous growth theory emerged in the 1990s as ‘new growth theory’ accounting for technical progress in the growth process (ARMSTRONG and TAYLOR‚ 2000). In 1990‚ Paul Romer explores this uncharted territory‚ linking technical progress to production of knowledge by research and development (R&D) workers at profit-seeking firms. A key assumption in his model is a positive association between the rate of productivity growth and the stock of R&D workers (Izushi‚ 2008). They are research
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analysis from economic theory. It examines the theory and evidence for comparative advantage‚ complementarities‚ and a special role in the innovation process‚ as factors that make IT special. The paper also considers opportunities for future growth in India’s IT sector‚ existing and potential constraints‚ and possible policy responses that can help IT contribute to broader economic development. Keywords: information technology‚ software‚ complementarities‚ recombinant growth JEL Classification:
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w o r k i n g p a p e r 06 06 State Growth Empirics: The Long-Run Determinants of State Income Growth by Paul W. Bauer‚ Mark E. Schweitzer‚ and Scott Shane FEDERAL RESERVE BANK OF CLEVELAND Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated
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macroeconomic outlook throughout countries. As a result‚ governments attempt to stimulate economic growth through different instruments. Public expenditure has traditionally been a component of fiscal policy which is an instrument of the State to influence economic growth. Several models of government investment and growth have been designed to investigate the relation between government expenditure and economic growth. However‚ some debate prevails. To illustrate‚ studies done by Landau (1986)‚ Barro (1990)
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Composition of Public Expenditure and Economic Growth‚” Journal of Monetary Economics‚ 37(2-3)‚ 313–344 A. S HIBATA (1993): “Dynamic Analysis of an Endogenous Growth Model with Public Capital‚” Scandinavian Journal of Economics‚ 95(4)‚ 607–25 B. ATEN (2006): Penn World Table Version 6.2Center for International Comparisons of Production‚ Income and Prices at the University of Pennsylvania H. R. PARKS (2002): The Implicit Function Theorem: History‚ Theory‚ and Applications T. TAKALO (2007): “Candidate
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Types of Variables Binary variable Obsevations (i.e.‚ dependent variables) that occur in one of two possible states‚ often labelled zero and one. E.g.‚ “improved/not improved” and “completed task/failed to complete task.” Usually an independent or predictor variable that contains values indicating membership in one of several possible categories. E.g.‚ gender (male or female)‚ marital status (married‚ single‚ divorced‚ widowed). The categories are often assigned numerical values used as lables
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in place sound policy that will help to address the problem of oil exploration on the Nigerian economy. Against this background‚ this study intends to show the economic impacts of crude oil exploration on the economy of Nigeria. Methodologically‚ growth model and cointegration analysis will be used to explain why countries with many natural resources tend to grow slowly than resource- poor countries. [Perkins‚ et. al.‚ p. 70]. Introduction: Nigeria politically is sovereign entity bond in the
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Critically evaluating (discuss) the business philosophies of Amar Bose; how do you think Bose goes about analysing its competition? (25 marks) Business Philosophy: - • Technical • Product • Production method • Sales • Marketing Elements of these in all organisations – put them in order of importance for Bose. How Bose analysis its competitors • Maslow’s hierarchy of needs • Competition important consequence of the paradigm change: sellers -> buyers market (diagram) • Onslaught of
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