Abstract
This paper uses data from an on-going project, the Societal Infrastructures and Development Project (SID) to examine the determinants of wealth. The analysis focuses on institutions (economic, legal and political) and national contexts (education, geography, natural resources). The data enhancements generated by SID make it possible to employ a panel format to analyze 157 countries from 1950-2004. Using cross-sectional, time-series analysis we find that measures of human capital, rule of law, democracy, openness to trade, and natural resources are key variables in explaining the difference in income levels across countries and time; measures of geography and the degree to which the government is involved in a country’s economy are insignificant.
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