This paper empirically tests the hypothesis that landed elites may block technological change and economic development if they fear that they will lose future political power (Acemoglu and Robinson (2002, 2006, and 2012). It exploits a plausible exogenous change in the distribution of political...

We analyze investment decisions when information is costly, with and without delegation to an agent. We use a rational-inattention model and compare it with a canonical signal-extraction model. We identify three "investment conditions". In "sour" conditions, no information is acquired and no...

This paper examines the effect of the early adoption of technology on the evolution of human capital and on industrialization, in the context of Britain’s Industrial Revolution. It shows that wrights, a group of highly skilled mechanical craftsmen, who specialized in water-powered machinery in...

In this paper, we describe the emergence and evolution of pharmaceutical research at the German company E. Merck during the late 19th and early 20th century. Revolutionary changes in the scientific knowledge base, especially the rise of bacteriological research, and the market entry of dyestuff...

This historical episode is one of a profound transformation of this trade sector that between the end of the 17th century and the middle of the following one, namely the emergence and strengthening of the position of the British merchants in detriment to the competitive position of the merchants...

The aim of this paper is to understand why some economies do not adopt existing technologies. It focuses on the political factor and studies this phenomenon through the distinctive and interesting experience of European growth: the remarkable economic expansion that took place in northwestern...

The role of natural resources in contributing to stable economic development is of growing interest to economists and politicians. In evaluations of the prospects for development of a given country it was once assumed that rich natural resources and a vast territory provided favorable conditions...

The paper introduces the notion of different methods of calculating and analysing profitability as signatures of capitalism at different stages of development. Its point of departure is Bryer's thesis of the capitalist mentality, which is subject to theoretical and empirical critique and...

The author of this paper intends to compare two industrial territories from western France: Chateau-Renault and Surgères. Chateau-Renault is a tanning center, and the city of Surgères houses a vast dairy. The industries of both areas deal with products of animal origins deriving from...

This paper offers an overview of the modern Economic History of an interior Spanish province (Valladolid). It investigates the reasons of the economic retardation of this central region in contrast with the periphery of the country. It also presents the unknown attempts of the local business...