In this paper, we explore why there are no examples of societies with low state capacity and high economic development. We argue that such an outcome is unlikely because of the nature of investments in state capacity. Societies that become rich in the absence of a strong state invite predation...

Media, Development, and Institutional Change investigates mass media's profound ability to affect institutional change and economic development. The authors use the tools of economics to illuminate the media's role in enabling and inhibiting political-economic reforms that promote development

P.T. Bauer boldly conjectured two hypotheses about the process of escaping poverty. First, he argued that foreign aid not only fails to promote economic progress, but may actually retard this process. Second, Bauer argued that private property rights are necessary and sufficient for economic...

This paper argues that there are two tiers of entrepreneurship important for economic development. One is concerned with investments in productive technologies that improve productivity and better service consumer needs. The other is concerned with the creation of protective technologies that...

While markets are all around us, not all markets are the same. Markets come in a variety of colors based on the legality of activities in the specific market. As such, there is no market economy per se, but instead various shades of markets. The different shades of markets that are evidenced in...