Inefficient States (Acemoglu et al.)

Emergence and persistence of inefficient states by Daron Acemoglu, Davide Ticchi and Andrea Vindigni (2011). “We present a theory of the emergence and persistence of inefficient states based on patronage politics. The society consists of rich and poor. The rich are initially in power, but expect to transition to democracy, which will choose redistributive policies…”

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