, which reforms are best? We address this question by empirically investigating the effects of institutions on financial … frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems …

past, not in the future. The Internet fails as a Great Invention because much of its use involves substitution of existing … activities from one medium to another, because much Internet investment involves defence of market share rather than creation of … something of social value, because much Internet activity duplicates existing activity like mail order catalogues, while the …