Economic theory and a growing body of empirical literature suggest that private property rights are an important determinant of economic development. In this paper, four commonly used measures of institutional protection of private property rights are assessed, including their relative ability...

The freedom to enter into contracts and to direct the use of economic resources one owns are essential to the operation of a market economy. Allowing employees to form unions to bargain collectively over wages and employment conditions is consistent with economic freedom, and any government...

Existing literature suggests that either colonial settlement conditions or the identity of colonizer were influential in shaping the post-colonial institutional environment, which in turn has impacted long-run economic development, but has treated the two potential identification strategies as...

Since October of 1973 many Americans of various political persua- sions have called for a clear and coherent energy policy. Those on the left tend to believe that Americans, lacking the foresight or self- discipline required to make appropriate adjustments to energy shortages, must have their...

In 2010 the College Board and Educational Testing Service (ETS®) administered 134,747 Advanced Placement (AP®) microeconomics and macroeconomics exams to high school students. The exams are designed to represent the introductory-level micro and macro courses taught in college, and students can...