Related papers: Can we predict long-run economic growth?
Technological improvement is the most important cause of long-term economic growth. We study the effects of technology improvement in the setting of a production network, in which each producer buys input goods and converts them to other…
We propose a new framework for multi-field inflation in which a nearly constant potential energy is maintained during inflation before decreasing rapidly, in a manner analogous to a classical top spinning upright for a long time before…
A unified approach to quintessence and inflation is investigated with the use of a single scalar field. It is argued that successful potentials have to approximate a combination of exponential and inverse power-law decline in the limit of…
The so-called great divergence in the income per capita is described in the Unified Growth Theory as the mind-boggling and unresolved mystery about the growth process. This mystery has now been solved: the great divergence never happened.…
A society or country with income equally distributed among its people is truly a fiction! The phenomena of socioeconomic inequalities have been plaguing mankind from times immemorial. We are interested in gaining an insight about the…
Daniel Kahneman and Amos Tversky argued for challenging inside views (informed by contextual specifics) with outside views (based on historical "base rates" for certain event types). A reasonable inside view of the prospects for the global…
There exists a growing body of observational evidence supporting a non-vanishing cosmological constant at the present epoch. We examine the possibility that such a term may arise directly from the potential energy which drove an…
We introduce a simple model of economy, where the time evolution is described by an equation capturing both exchange between individuals and random speculative trading, in such a way that the fundamental symmetry of the economy under an…
I show that if the capital accumulation dynamics is stochastic a new term, in addition to that given by accounting prices, has to be introduced in order to derive a correct estimate of the genuine wealth of an economy. In a simple model…
Data from national accounts show no effect of change in net saving or consumption, in ratio to market-value capital, on change in growth rate of market-value capital (capital acceleration). Thus it appears that capital growth and…
Energy efficiency gains in production and consumption are undisputed economic and environmental goals. However, potential energy savings derived from efficiency innovations may have short-lasting effects due to increased demand for more…
Measures of wealth and production have been found to scale superlinearly with the population of a city. Therefore, it makes economic sense for humans to congregate together in dense settlements. A recent model of population dynamics showed…
Classic economic science is reaching the limits of its explanatory powers. Complexity science uses an increasingly larger set of different methods to analyze physical, biological, cultural, social, and economic factors, providing a broader…
We consider the relationship between economic activity and intervention, including monetary and fiscal policy, using a universal dynamic framework. Central bank policies are designed for growth without excess inflation. However,…
The expression "wage transition" refers to the fact that over the past two or three decades in all developed economies wage increases have levelled off. There has been a widening divergence and decoupling between wages on the one hand and…
Regardless of the gold-standard being considered as outdated, it provides valuable signs concerning the development of novel monetary standards, better adjusted to the current macroeconomic environment. By using a point of view of classical…
Using the latest observational data, we constrain the inflationary dynamics and the subsequent reheating epoch. Predictions for both phases can be significantly improved by employing numerically computed results compared to the slow-roll…
Abstract: The rising global temperatures caused by climate change significantly impact energy consumption and electricity generation. Fluctuating temperatures and frequent extreme weather events disrupt energy production and consumption…
Eternal inflation is a seemingly generic consequence of theories that give rise to accelerated expansion of the universe and possess multiple vacuum states. Making predictions in an eternally inflating universe is notoriously difficult…
If the spatial curvature of the universe is positive, then the curvature term will always dominate at early enough times in a slow-rolling inflationary epoch. This enhances inflationary effects and hence puts limits on the possible number…