We consider 134 countries during the period 1984-2019 and find a significant positive relation between Rule of Law (law and order provided by police and courts, respect for private property rights) and GDP per capita. Notably, this positive relation is getting stronger with time. This positive...

We analyze the endogenous evolution of economic and political institutions and the interdependencies with the process of economic development. Favorable economic institutions ensure the appropriability of rents in form of a state of law. We study the conditions under which a state of law can be...

Since the end of the 1980s, a multi-billion dollar development industry has become centrally concerned with ‘the rule of law' as instrument, end, and indicator of ‘development'. Yet, while the term ‘rule of law' may be a relative newcomer to the development project, this most recent form...

We analyze the endogenous evolution of economic and political institutions and the interdependencies with the process of economic development. Favorable economic institutions ensure the appropriability of rents in form of a state of law. We study the conditions under which a state of law can be...

This paper examines how relative factor endowments and population growth rates affect growth rates in less developed countries. To answer these questions an extension of the Uzawa-Lucas endogenous growth model is used. The paper proves the existence and uniqueness and of the modified model and...

Since the global financial crisis of 2007, regulators and economists have analysed the moral hazards inherent in institutional arrangements which encouraged economic actors to act irresponsibly. The process of institutional reform must extend to review of legal rules which allow transacting...