After introducing a measure for educational polarization (EduPol ), this paper presents a theoretical framework to understand whether and how EduPol may affect the contest for power in society. The model suggests that societies with high degrees of EduPol (i.e., substantial shares with either no...

This paper measures the output and TFP costs of sovereign risk incorporating its impact on firm-level intangible investment. Combining Italian aggregate and firm-level data, we show that firms reduced their investment and reallocated resources away from intangible assets and towards tangible...