... replications with resampling (Efron and Tibshirani 1993, Shao and Tu 1995). An alternative approach is to use clustered data analysis (Hox 2002). Each study can be viewed as a separate cluster and ... Human Capital, Physical Capital, Ecofreedom, Inequality, Instability, Govt Size, Openness and Inflation. Human and physical capital are particularly important, because as noted earlier, they are ... use also clustered data analysis to derive clustered robust standard errors.31 In many cases, clustered data analysis results in larger standard errors. We present the clustered data analysis...