We present a simple model that illustrates how democracy may improve the quality of economic institutions. The model further suggests that institutional quality varies more across autocracies than across democracy and that the positive effect of democracy on institutional quality is increasing...

Human capital has been seen to be a key factor for current and future economic growth. In a broader sense, it appears that we are moving towards a knowledge economy driven by human capital, technological progress and digitalization. However, although this evolution may be a new trend, similar...