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We apply Leeson and Dean’s (2009) method for studying democratic dominoes to capitalist spillovers to compare the rates at which capitalism and democracy spread between countries. We find that capitalism and democracy spread at approximately the same modest rate.

Pecuniary externalities create third-party effects through changes in relative prices or asset prices. Unlike technological externalities, they do not misallocate resources and are necessary for the market to work efficiently. However, the political process does not differentiate pecuniary from...

Previous studies have found that lottery ticket sales are influenced by certain socioeconomic characteristics of the population. The authors extend the state lottery literature by examining how lottery game characteristics, such as the overall expected value, the top prize, and the total number...

A country’s political and economic institutions are critical for economic prosperity. The literature abounds with institutional measures, precisely because institutions are multidimensional. We use panel unit root and cointegration tests to examine the time-series properties of several...

We examine the US state-level pattern of American Recovery and Reinvestment Act (ARRA) spending. We relate spending to (1) Keynesian determinants of countercyclical policy, (2) congressional power and dominance, and (3) presidential electoral vote importance. We find that the ARRA is, in...

This paper applies the ideas found in the work of Adam Smith, the preeminent 18th century economist, to the field of management. Adam Smith was the first person to identify specialization and the division of labor as the main drivers of productivity. He also conceptualized the 'invisible hand...

In the economic development literature, cultural diversity (for example, ethnolinguistic fractionalization) has been shown to have a negative impact on economic outcomes in many underdeveloped countries. We hypothesize that the impact of diversity on economic performance depends on the quality...

A country's political and economic institutions are critical for economic prosperity. The literature abounds with institutional measures, precisely because institutions are multi dimensional. We use panel-unit-root and cointegration tests to examine the time-series properties of several...