The efficiency of physical capital accumulation plays a critical role for economic growth. This paper aims at examine if economic freedom promotes economic growth via physical capital accumulation. This is done by estimating a production function by replacing the inputs with institutional indices. The first input is GDP per capital growth rate which serve as a proxy for institutional aspects and the other input are the economic freedom indexes which will serve as proxies for physical capital accumulation. This is done by applying the augmented mean group (AMG) estimator that is designed for dealing with macro panel data analysis, including twenty developing countries where the economies have experienced a rapid growth, and the time period are between 1995 and 2017. The theoretical framework is based on the Solow growth model, institutional theory and marginal efficiency of capital (MEC). The results show that economic freedom promotes economic growth via physical capital accumulation where GDP per capital growth rate served as a proxy for institutional aspects and economic freedom indexes as proxies for physical capital accumulation. The results also show that the AMG estimator is the best fit for macro panel data analysis since it are designed for dealing with heterogeneity.

The theoretical foundations of the Post Keynesian view of money are examined, including the nature of money, role of uncertainty and time, and the use of equilibrium concepts. This provides a backdrop against which the Post Keynesian analysis of interest rates, investment behaviour: inflation and demand determination is presented in a framework of non-neutral money and Keynes' principle of effective demand. A model of the Post Keynesian theory of money is presented, with arguments as to why the IS/LM model of the neoclassical synthesis is considered deficient. The money supply endogeneity view is explored, together with Keynes' finance motive. The open economy case is considered, with emphasis on a small open economy. The monetary policy perspectives of the Post Keynesian camp are examined. The implications for South Africa are considered in respect of money supply targeting, interest rate policy, anti-inflation measures, public debt management, exchange rates and Reserve Bank objectives. / Economics / M.A. (Economics)

The theoretical foundations of the Post Keynesian view of money are examined, including the nature of money, role of uncertainty and time, and the use of equilibrium concepts. This provides a backdrop against which the Post Keynesian analysis of interest rates, investment behaviour: inflation and demand determination is presented in a framework of non-neutral money and Keynes' principle of effective demand. A model of the Post Keynesian theory of money is presented, with arguments as to why the IS/LM model of the neoclassical synthesis is considered deficient. The money supply endogeneity view is explored, together with Keynes' finance motive. The open economy case is considered, with emphasis on a small open economy. The monetary policy perspectives of the Post Keynesian camp are examined. The implications for South Africa are considered in respect of money supply targeting, interest rate policy, anti-inflation measures, public debt management, exchange rates and Reserve Bank objectives. / Economics / M.A. (Economics)