Despite the widespread adoption and strict enforcement of balanced budget requirements, U.S. state and local governments have accumulated trillions in unfunded pension liabilities. While many casual factors for this growth in unfunded liabilities, including liberal discount rates and inadequate...

Can elites with access to governing institutions be constitutionally constrained? Effective constitutional constraints must be self-enforcing. This represents a substantial barrier to economic development, especially when elites control governing institutions. This paper analyzes how late Middle...