Our chapter raises serious questions about the long-term efficiency of stock prices in relation to the realized returns of the underlying corporate real assets. In our large-scale calculations that cover horizons of 10, 20, 30, 40, and 50 years, returns on corporate real assets suffer a...

This paper hypothesizes that inherent agricultural land productivity explains contemporary levels of autocracy and democracy. In particular, intermediate levels of productivity are associated with democracy, whereas a legacy of either low or high agricultural productivity is associated with...