Poverty traps occurs when agents fail to coordinate their actions to achieve the optimal allocation of resources. It is argued that this phenomenon makes economic convergence impossible and keeps agents in a poverty trap from which they cannot escape unless a massive and coordinated industrial...

Although many economists do a serious and respectable work, main stream economic theory contains an almost complete disregard for the importance of social, cultural and political structures which are the very foundation of the society. Worse than that, such disregard is developed into arrogance...

We analyze the incidence and welfare effects of unit sales tax increases in experimental monopoly and Bertrand markets. We find, in line with economic theory, that firms with no market power are able to shift a high share of the tax burden to consumers, independent of whether buyers are...

By starting from the consideration that non-profit organizations cover a significant re-distributive function beside that of governmental agencies, the paper questions why government prefers to finance via transfers private entities likewise lucrative and non-lucrative entities rather than...

Performance of Russian homeowners associations – non-profits established to manage common property in residential housing – is assessed using the stochastic frontier technique, which is a powerful tool of productivity analysis. Performance variations are explained by physical and social...