US economic activity is overwhelmingly concentrated at its ocean and Great Lakes coasts, reflecting a large contribution from coastal proximity to productivity and quality of life. Extensively controlling for correlated natural attributes and initial conditions decisively rejects that the...

This article suggests an alternative explanation for why resource-rich economies have lower growth rates: because they are likely to be living beyond their means. It is shown that overshooting the steady state's equilibrium consumption and investment can be optimal in a Ramsey growth model with...

This article identifies the main features of Poland's radical transition to capitalism--stabilization program, trade liberalization, and privatization reform. The "shock therapy" adopted by Poland in 1991 is presented as the most effective approach, though not without political risk. In fact,...