One of the problems which sub-Saharan African (SSA) countries are confronted with is the low level of investment. Yet, the theory of capital tells us that it is impossible to envisage development without a considerable accumulation of capital. An important channel through which those countries...

Prepared for The New Palgrave Dictionary of Economics, 2nd Edition, this essay examines the evolution of both institutions and economists' thinking on institutions during transition. Early in transition, institutions were virtually ignored in the majority of normative prescriptions, but were...

To predict economic success and failure, academics and policymakers alike are interested in the differences in institutional structures across natural resource-based economies. This paper uses a political economy framework to examine the effect of institutional variables on per capita...