Why do some people believe that social mobility may result in a fair distribution of income? We hypothesize that people who enjoy higher levels of free choice and control over life outcomes are more likely to consider the income distribution process to be fair, and as a consequence be less...

This paper provides evidence on the role played by the real exchange rate in the growth process of emerging economies. The empirical analysis is conducted on a panel dataset of Latin-American countries over the period 1970-2010. We find keeping an undervalued real exchange rate is conducive to...

Macroeconomists and growth economists often assume that the relative price of agriculture is determined domestically, and insulated from external forces. We examine this proposition empirically using panel data models with time effects and then an unobserved factor error structure. We find that...

Should agriculture or non-agriculture be a priority for development? We revisit this longstanding and intractable question using a two-sector, three-factor dynamic model with an asymptotic balanced growth path. The model allows a forward-looking assessment of development priorities based on...