Question: Briefly explain the relationship between institutions and economic development based on Acemoglu et . al . , ( 2 0 0 1 ) .

Briefly explain the relationship between institutions and economic development based on Acemoglu et. al., (2001).

a. Describe the two stages least square regression process.

b. Describe the two properties that the instrument satisfies.

c. Summarize the findings.

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