The Axial Age, which lasted between 800 B. C. E. and 200 B. C. E., covers an era in which the spiritual foundations of humanity were laid simultaneously and independently in various geographic areas, and all three major monotheisms of Judaism, Christianity and Islam were born between 1200 B. C....

This paper emphasizes that the evolution of religious institutions in Europe was influenced by the expansionary threat posed by the Ottoman Empire five centuries ago. This threat intensified in the second half of the 15th century and peaked in the first half of the 16th century with the Ottoman...

The institutional foundation of economic growth extends beyond institutions that limit the grabbing hand of the state and effectively enforce contracts. Growth predicates on social institutions that foster the development and use of productivity-enhancing knowledge. In particular,...

This paper develops an analytical framework for studying colonial investment from the perspective of neoclassical political economy. The distinguishing feature of colonial investment in this model is that the metropolitan government restricts the amount of investment in the colony in order to...

We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual-level, idiosyncratic risk implies that distinct...

This paper develops an analytical framework for studying colonial investment from the perspective of neoclassical political economy. The distinguishing feature of colonial investment in this model is that the metropolitan government restricts the amount of investment in the colony in order to...

The Axial Age, which lasted between 800 B. C. E. and 200 B. C. E., covers an era in which the spiritual foundations of humanity were laid simultaneously and independently in various geographic areas, and all three major monotheisms of Judaism, Christianity and Islam were born between 1200 B. C....

This paper emphasizes that the evolution of religious institutions in Europe was influenced by the expansionary threat posed by the Ottoman Empire five centuries ago. This threat intensified in the second half of the 15th century and peaked in the first half of the 16th century with the Ottoman...