Measures of institutional quality are strong predictors of cross-country differences in income and productivity. The institutional economics literature has long maintained that one way institutions influence economic growth is by impacting the efficient allocation of production factors across...

Allocation of capital, being a finite resource, needs to adopt a well calibrated approach to ensure that the targeted economic priorities are achieved in an optimal manner. Factor shares of income reflect the potential economic priorities more sharply than the overall output and the underlying...

Public policies in a pluralistic society should be able to clarify and cope with the complicated nature of public issues dominated by multiple parties, multiple values, and subjective judgment. Therefore, instead of merely concluding with the outcome, we should also take input into account when...