Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. The Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad.

Economic growth has always been a major issue in the both the theoretical and empirical aspects of economics. Countries are usually the territorial limits chosen by growth studies. This choice is a direct result of the general character of the theoretical framework. Modern studies on growth have usually given attention to the most general supply aggregates and