Some results suggest if the economy is competitive is does not matter whether firms are run capitalists or workers. In particular, in the long run labor-managers use the same amount of labor and hire the same amounts of non-labor inputs as a similar capitalists firm. Here we reexamine this issue...

The role of improved schooling, a central part of most development strategies, has become controversial because expansion of school attainment has not guaranteed improved economic conditions. This paper reviews the role of education in promoting economic well-being, focusing on the role of...