During the same period in which political decisions became increasingly indistinguishable from decisions about science and technology, science and technology became increasingly incomprehensible to all but a few specialists. Maintaining a healthy participatory democracy under such conditions...

This paper analyzes whether political outcomes in local democracies are determinedby the preferences of the median -typically poor- agents or whether they reflect thewishes of the wealthy elites. A model shows that when politicians belonging to differentgroups can form coalitions, the wealthy...

This paper tests whether education levels di¤er between leadersselected in autocracies and democracies. We use a unique data seton over 1300 world leaders between 1848 and 2004 and exploit withincountry variation from transitions to and from democracy to show thatdemocracies pick more highly...

This paper explores these issues further by reconsidering the link between democracy and health using panel data from a cross-section of countries. The data show a strong (conditional) correlation between life expectancy and democracy. This relationship is strongest for the decades of the 1960s...

The theme of this year's WDR is how to structure institutions to bring about an effectively functioning market economy. There is no question that political institutions play a key role here. In most countries political institutions determine the rules of access to considerable discretionary...

[...]What might account for this link between parentalincome and children’s income? Many economists believethat this relationship is due in large part to differentialhuman-capital investment between high-income andlow-income families. High-income parents can invest inmore (and better)...

This paper describes a new and intuitive methodfor answering these technical questions by tabulating theexact loss distribution arising from correlated credit eventsfor any arbitrary portfolio of counterparty exposures, downto the individual contract level, with the losses measuredon a...

[...]This study is the first formal investigation ofconsumer attitudes that compares the forecasting power ofthe University of Michigan’s Index of Consumer Sentimentand the Conference Board’s Consumer Confidence Index.We begin with a background analysis of structural differencesbetween the...