. Finally, and more optimistically, when we consider our results in the context of institutions and growth, we conclude that …

in former European colonies. Where European colonizers settled, they replicated the investment-conducive institutions … the formation of institutions. We find the presence of precious metals, gold and silver, to imply an increase in …

-tradable sector and features unemployment in general equilibrium. Firms in both sectors use labour and an imported polluting factor of … production ("energy"). A tax on energy, recycled to reduce the payroll tax, will in general affect equilibrium unemployment in …