This paper examines whether autocracy is a gamble. Using robust variance tests and other analyses, we find that long-term growth varies more across autocracies than across democracies. This remains true even when richer countries are excluded from the sample. We also investigate channels, to see...

Macroeconomists and growth economists often assume that the relative price of agriculture is determined domestically, and insulated from external forces. We examine this proposition empirically using panel data models with time effects and then an unobserved factor error structure. We find that...

Should agriculture or non-agriculture be a priority for development? We revisit this longstanding and intractable question using a two-sector, three-factor dynamic model with an asymptotic balanced growth path. The model allows a forward-looking assessment of development priorities based on...