This paper investigates how the distribution of land property rights affects industrial take-off and aggregate income through the demand side. We study a stylized two sectors economy where the manufacturing sector is assumed to be constituted by a continuum of small markets producing distinct...

Most popular explanations cannot fully account for the declining trend of U.S. reported well-being during the last thirty years. We test the hypothesis that the relationship between social capital and happiness at the individual level accounts for what is left unexplained by previous research....

In this paper, we apply a model of early industrialization to the case of New Zealand and Uruguay in 1870-1940. We show how differences in agricultural institutions may have produced different development paths in two countries which were similar in many respects. While in New Zealand the active...