Table 5 presents, starting in 1960, decade by decade growth regressions using initial period
education, initial period per capita income, and initial period constraints on the executive, as
independent variables. It also presents similar regressions for the whole period 1960-2000. (We
have also obtained, but do not report, very similar results using 20-year intervals.) Table 5 shows
that, even in the OLS specifications, initial executive constraints have no predictive power for
subsequent economic growth outside the 1980s, whereas initial human capital is a strong predictor.
These results exacerbate the concern over reverse causality when sample averages of institutional
outcomes are used in growth specifications.