We consider a neoclassical growth model where labor collectively chooses the labor share to maximize its steady-state wage rate. If the labor share increases relative to the competitive share, labor captures a larger share of a smaller total income. At a higher labor share the incentives to...

There is a significant positive statistical connection between GDP per capita and the satisfaction rate. However, Bulgaria, being a middle income economy, is one of the saddest places on Earth. We try to identify possible reasons for this phenomenon and we put forward some policy implications....

Spanish Abstract: El acuerdo de paz entre el gobierno de Colombia y el grupo guerrillero de las FARC alcanzado en noviembre de 2016 ha despertado interés académico desde diferentes áreas del conocimiento. Desde la economía, en particular, surgen preguntas acerca de los posibles efectos del...

Spanish Abstract: El conflicto interno en Colombia ha afectado la acumulación de capital humano, las decisiones de ahorro e inversión y la asignación sectorial y geográfica de los factores de producción. Varios autores han cuantificado los potenciales efectos de un acuerdo de paz sobre el...

There is scarce empirical evidence on the impacts of drug consumption decriminalization, especially, on problematic drug use and violence. In 2001, Portugal decriminalized the consumption of all illicit drugs. In this paper, we focus on determining the short, medium, and long-term impact of...

The increase in the area cultivated with coca in Colombia has cast doubt on the country's anti-drug strategy and has encouraged skepticism about the possibility of a complete and definitive peace. Furthermore, this perception of failure has given rise to policy proposals based on the idea that...