Investigation of the deterrent effect of capital punishment has implications far beyond the propriety of execution as punishment since it concerns the general question of offenders' responsiveness to incentives. This study challenges popular allegations by earlier researchers denying the deterrence hypothesis. The empirical analysis based on cross-sectional data from the U.S. corroborates my earlier analysis of the time series. Findings indicate a substantial deterrent effect of punishment on murder and related violent crimes and support the economic and econometric models used in investigations of other crimes. Distinctions between classes of executing and nonexecuting states are also examined in light of theory and evidence.

The debate concerning the effects of payas-you-go (PAYG), defined-benefits, social security systems on the real economy has focused on private savings (Robert J. Barro, 1978; Martin Feldstein, 1997). We expand the inquiry to neglected effects on economic growth and underlying family choices. Our inquiry is based on Ehrlich and Francis T. Lui's (1998) model of the relationships among social security, the family, and endogenous growth.

There Appears to be significant diversity in the incidence of bureaucratic corruption across countries at different stages of economic development and under different political and economic regimes. Little theoretical or empirical analysis has been offered, however, on the link between corruption, government, and growth. The paper attempts to fill the void through equilibrium models of endogenous growth. “balanced growth” is derived as a balancing act between accumulating human capital, which engenders growth, and accumulating political capital, which mainly assures bureaucratic power. The analysis focuses on the interplay between investment in these two types of capital and its implications for long‐term growth under alternative political regimes. Some propositions are tested and confirmed empirically.

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We focus on the effect of state versus private ownership on the rates of firm-specific productivity growth and cost decline by developing a model of endogenous, firm-specific productivity growth and testing its implications against panel data on 23 international airlines of varying levels of state ownership over the period 1973-83. Our model and empirical results show that state ownership can lower the long-run annual rate of productivity growth or cost decline, but not necessarily their levels in the short run. Observed level differences in productive efficiency across private and state-owned firms may thus be a function of the age distribution of the firms being compared. These results appear to be independent of whether the firms operate under apparently more or less competitive or regulated markets and whether they differ in production scales. The analysis offers new insights concerning the recent trend toward privatizing state-owned enterprises that has been observed in many countries.