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Trustworthiness is the basis for maximizing output in economic exchange and in explaining differences in standards of living around the world. A society's willingness to trust and the quality of its institutions have their origins in the trustworthiness of its citizens. We propose a theoretical...
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Long-term economic development involves four fundamental processes: the exploitation of increasing returns to specialization, the transition from household to market production, knowledge and human capital accumulation, and industrialization. In this paper, we integrate these processes into a...
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