Vintage capital accumulation: endogenous growth conditions

Article Abstract:

The literature on endogenous growth contains very little information on vintage technology. Optimal vintage capital accumulation is studied under conditions of asymptotic endogenous growth without input parametrization. It is shown that vintage capital accumulation and time preference determine the rate of endogenous innovations and rate of vintage capital depletion. A larger amount of vintage physical capital equipment in use results in a larger allocation of human capital to total capital stocks.

Finance, Economic development

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Wealth seeking reconsidered

Article Abstract:

Wealth seeking activities are traditionally thought of as beneficial to the non-seeker or hedonist. This is because wealth seeking results in steady-state overaccumulation or increased capital stock which in turn raises the equilibrium price for labor. However, corporate ownership with few shareholders generate more income because management exerts more efficient control over investments.

Economic aspects, Labor productivity

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The open constitution and its enemies: competition, rent seeking, and the rise of the modern state

Article Abstract:

A basic non-mathematical model that indicates how states emerged in medieval and early modern Central Europe is presented. It is assumed that in high medieval feudalism military security was a non-public good and that in its supply there was freedom of contract.

Research, Models, Constitutional history, Feudalism

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