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- W1556594463 abstract "This paper studies a policymaker’s optimal choice between redistribution and ecient public investment. Under political instability, there is myopic government behavior which results in underinvestment. Above some critical value of political instability, it is optimal not to invest at all. This finding also suggests that it may be rational for governments to refrain from anti-corruption investment, even if they are not rent-seeking themselves." @default.
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- W1556594463 date "2004-05-01" @default.
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- W1556594463 title "White Elephants and the Limits to Efficient Investment" @default.
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