A long-standing debate centers on the role of the “Haves” and the “Have Nots” in litigation. It is often suggested that wealthier plaintiffs are more likely to be repeat players, who tend to prevail in disputes before the courts. Do wealthy repeat players indeed capture courts and...

What is the effect of wars on industrialization, technology and commercial activity? In economic terms, such events as wars comprise a large exogenous shock to labor and capital markets, aggregate demand, the distribution of expenditures, and the rate and direction of technological innovation....

This paper examines the contribution of Leonardo of Pisa [Fibonacci] to the history of financial mathematics. Evidence in Leonardo's Liber Abaci (1202) suggests that he was the first to develop present value analysis for comparing the economic value of alternative contractual cash flows. He also...

We study political dynasties in the United States Congress since its inception in 1789. We document historic and geographic patterns in the evolution and profile of political dynasties, study the extent of dynastic bias in legislative politics versus other occupations, and analyze the connection...

Neither economics nor political science can explain the process of modern social development. The fact that developed societies always have developed economies and developed polities suggests that the connection between economics and politics must be a fundamental part of the development...

Beginning around 1880, public health issues and engineering advances spurred the installation of city water and sewer systems. As part of this growth, many cities chose to use lead service pipes to connect residences to city water systems. This choice had negative consequences for child...

Within-country ethnic diversity in high-wage immigrant nations is driven by long distance migration. This paper documents the migration-diversity connection for the first global century before 1914 and the second global century after 1950. It distinguishes between ethnic diversity among the...

Studies of early U.S. growth traditionally have emphasized real-sector explanations for an acceleration that by many accounts became detectable between 1815 and 1840. Interestingly, the establishment of the nation's basic financial structure predated by three decades the canals, railroads, and...

This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada, China, France, Germany, Japan, India, Italy, the Netherlands, Sweden, the United Kingdom, and the United States. Together, the studies underscore the importance of path dependence, often as...

This paper reexamines the process by which a market for a new product modern painting emerged in Paris in the nineteenth century. Contrary to the accepted account, in which the monopoly of the official Salon was replaced by a competitive market operated by private dealers, we find that the Salon...