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Growth of -new- market economies is associated with rapid expansion of knowledge capital. It leads to the emergence of knowledge-based economies. As the literature broadly uses international cross-section samples to study the role of knowledge capital, we tried to recapitulate on the results of this research. However, our main aim was to show how they can be applied to analyse the growth of single economies and develop scenarios for the next 20 to 30 years. Extended production functions with endogenous TFP determined by knowledge capital generate potential output that may considerably differ...

This thorough guide covers the history of macroeconometric model building, summarizes the development and structure of macroeconometric models built in North America, Europe and elsewhere and covers the systematic characteristics of macroeconometric models.