wrote Adam Smith a quarter of a millennium ago. Using the tools of modern political economics and combining economic theory … development clusters--places that tend to combine effective state institutions, the absence of political violence, and high per … pillars of prosperity when they have evolved cohesive political institutions that promote common interests, guaranteeing the …

This paper provides evidence on the moderating effects of institutions on the marginal effects of human capital …, improving the quality of institutions moderates the marginal effect of human capital on FDI inflows. Drawing on these findings …, policymakers in developing countries are advised to undertake a set of reforms to upgrade the quality of institutions, improve …