In recent empirical work, institutions have been shown to explain a significant share of the differences in cross-country accumulation, productivity, and output levels. The key institution that determines sustained development in R&D based growth models is the strength of intellectual property...

Race and ethnicity play a central role in understainding the structure of inequality in the United States. In this paper, we focus on the economic chasm between black and white America and what economic theory can contribute to our understanding of both inequality and the design of effective policy.