We develop two models of economic growth with exhaustible natural resources and consumers heterogeneous in time preferences. The first model assumes private ownership of natural resources. In the second model, natural resources are commonly owned and the resource extraction rate is chosen by...

The tragedy of the anticommons -- Welcome to the lexicon -- Where are the cures? -- You can't hear me now -- Block parties, fan teams and banana republics -- Empty Moscow storefronts -- The world is mine oyster -- A solutions toolkit

This paper presents an integrated overview of the literature linking institutions, financial development and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional...