The Evolution of Material Well-Being

At any time earlier than about 1000 AD, the material standard of living of almost every person was close to the minimum needed to sustain life. Societies in which the majority of the people attained a significantly higher standard of living have emerged only within the last two or three hundred years…

Why Nations Fail: 
Extractive and Inclusive Institutions

Acemoglu and Robinson’s goal is to explain why some nations are rich and others are poor. They present a theory based on the interaction between political and economic institutions. Casual empiricism suggests that its explanatory power is quite strong…