"Since the after-fee returns of funds-of-funds are, on average, lower than hedge fund returns, it is easy to conclude that funds-of-funds do not add value compared to hedge funds. However, funds-of-funds should not be evaluated relative to hedge fund returns in publicly reported databases....

This paper reports the results of a major study of the impact of international agricultural research, covering eleven crops in all major regions of the developing world, over the period 1960-2000. Although much of the "common wisdom" concerning the Green Revolution suggests that gains from...

A longstanding question in economics is why some countries are so much richer than others. Today, for example, income per capita in the worldÂ’s richest countries is roughly thirty-five times greater than it is in the worldÂ’s poorest countries. Recent work (e.g., Robert E. Lucas 2001, and...

AgricultureÂ’s share of economic activity is known to vary inversely with a countryÂ’s level of development. This paper examines whether extensions of the neoclassical growth model can account for some important sectoral patterns observed in a current cross-section of countries and in the...