Democracy, income inequality and economic development are considered to be interlinked with one another in a complex way. The weak growth of political institutions and uncertainty about the continuity of democratic regimes in Pakistan has important consequences for the economic growth and level...

The introduction of an economics textbook by Manikiw quotes Adam Smith regarding the invisible hand and deduces the following claims:1. Participants in market economies are motivated by self-interest. (SI)2. Decentralized market economies work very well, and maximize the welfare of society as a...

This study aims to quantitatively estimate the rates of returns from investment in human and physical capital and find any possible endogeniety between these two types of capital, and compare the returns from two types of capital investments. Using primary, secondary and tertiary level...

Democracy, income inequality and economic development are considered to be interlinked with one another in a complex way. The weak growth of political institutions and uncertainty about the continuity of democratic regimes in Pakistan has important consequences for the economic growth and level...

In this paper, we made an attempt to understand the costs and benefits of democracy for economic growth in Pakistan by analyzing the relationship between democracy and its various measures. Using instrumental variables and RALS (rth-order autoregressive least squares) estimation techniques, it...