This paper provides a unified theory of the economic and demographic transition. Individuals make optimal decisions about fertility, education of their children and the type and intensity of the investments in their own education. These decisions are affected by different dimensions of mortality...

Cannabis is the most popular illegal drug. Its legal status is typically justified on the grounds that cannabis use has harmful consequences. Empirically investigating this issue has been a fertile topic for research in recent times. We provide an overview of this literature, focusing on studies...

This article challenges conventional wisdom by arguing that greater longevity cannot explain the significant accumulation of human capital during the transition from stagnation to growth. This is because greater longevity raises children’s future income proportionally at all levels of...

In this Paper, we study the role of subsidies to fertility in ensuring the political viability of unfunded social security (SS). In our model, agents are heterogeneous in age and income. Young generations confront promises made previously by older generations, and in turn choose current levels...

Analyzing a variety of cross-national and sub-national data, we argue that high adult mortality reduces economic growth by shortening time horizons. Higher adult mortality is associated with increased levels of risky behaviour, higher fertility, and lower investment in physical and human...

Male life expectancy at birth fell by over six years in Russia between 1989 and 1994. Many other countries of the former Soviet Union saw similar declines, and female life expectancy fell as well. Using cross-country and Russian household survey data, we assess six possible explanations for this...

This Paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces of natural selection are made weaker because trade allows people to specialize in those activities where they are strong, and to offset their weaknesses by purchasing adequate...

While recent research finds strong evidence that birth order affects children’s outcomes such as education and earnings, the evidence on the effects of birth order on IQ is decidedly mixed. This paper uses a large dataset on the population of Norway that allows us to precisely measure birth...

This is the first paper of which we are aware that attemps to formally model the supply-supply behavior of elderly individuals in a developing countryWithout broad-based public pension schemes, the majority of the elderly in developing countries are left to rely on their current and accumulated...

The relative costs of taking employment or receiving welfare are usually understood through comparisons of a person’s social security entitlements and their wage alternative, known as replacement rates. In some situations it appears that the additional income from working is negligible, and...