The author analyzes the time component in the relationship between economic development and democracy. The review of the relevant literature shows that no systematic analysis of lags has been performed. Furthermore, the mainstream analysis shows a disconnect between the theory and empirical studies concerning the economy-democracy relationship. Four questions are formulated regarding the timing of the effects of economic development on political democracy. A series of models are estimated and several distributions of the lagged effects are constructed and analyzed. The author finds that not only do lagged effects have a better theoretical fit, but they also produce larger coefficients as compared with the instantaneous effects. In addition, measuring economic performance in moving averages as opposed to the conventional singleyear measurement produces empirically superior models that have fewer nonsignificant results. The author calls for further systematic analyses of the lagged effects of economic development and suggests a theoretical reconceptualization of the economy-democracy relationship.Most scholars in contemporary sociological and political research would agree that economic development has some influence on a country's political development. Most researchers would also argue that the effect of the economy on the level of political democratization is most likely positive. However, there is no consensus as to the extent of this effect. Moreover, quantitative research has consistently produced conflicted evidence of the effect of economic development on democracy, ranging from negative effects, to nonsignificant effects, to positive effects. This article aims at moving the debate further by refining the theoretical relationship between the economy and democracy through a systematic analysis of the time-delayed effects of economic development on democracy. In addition to exploring lags, I investigate moving averages (MAs) as an alternative to yearly observations for the measurement of economic development. This article shows that both lags and MAs can offer a better theoretical fit, produce greater effects on democracy, and have a higher theoretical validity. By combining time-delayed effects and Sociological Perspectives 58 (2) MAs, researchers can produce improved model specifications that are more closely related to the underlying theory of the relationship between the economy and democracy. As a result, we can have a better understanding of the conceptual relationship between the economy and democracy.I first review prior research and relevant theories, then I present the data and analysis, which is followed by a discussion and a conclusion. The goal of this article is to conduct a detailed empirical exploration of distributed lagged effects and describe the observed waves of the timedelayed effects of economy on democracy. The observed waves suggest a potential for further theoretical development in the analysis of the relationship between the economy and democracy. The main contribution of this artic...