Income and Democracy: A Comment on Acemoglu, Johnson, Robinson, and Yared (2008)
Erich Gundlach () and
Economics Working Papers from Department of Economics and Business Economics, Aarhus University
Acemoglu, Johnson, Robinson, and Yared (2008) demonstrate that estimation of the standard adjustment model with country-fixed and time-fixed effects removes the statistical significance of income as a causal factor of democracy. We argue that their empirical approach must produce insignificant income effects and that a small change in the estimation process immediately reveals the strong effect of income on democracy.
Keywords: Democracy; Modernization hypothesis; fixed-effects estimation (search for similar items in EconPapers)
JEL-codes: D72 O43 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ecm and nep-pol
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Working Paper: Income and democracy: a comment on Acemoglu, Johnson, Robinson, and Yared (2008) (2008)
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Persistent link: http://EconPapers.repec.org/RePEc:aah:aarhec:2008-13
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