Both India and Eritrea are developing countries. India as a leader of Third world made a huge stride in human resource development and agriculture development where as Eritrea, a young nation still striving hard to develop these areas and thus achieve self reliance. In line with this, Eritrea...

Deirdre McCloskey’s Bourgeois Dignity (2010) represents another breakthrough work in her career, and the second volume in a multi-volume work on the economic and intellectual history of western civilization. In a sense, the subtitle of the book explains well what this volume is all about--why...

Human development is the beginning of economic growth. The main purpose of wealth should be to enrich people’s lives, to broaden people’s choices and to enable every citizen, every child, every woman and every man to reach her or his full potential. Yet, as the experience of many countries...

Chang (2011) raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure...

During the last phase of state socialism, the economic reforms attempted by these counties didn’t stop the collapse of communism. Neither did the free market economic reforms in the democratic West starting around 1975 bring progress and prosperity expected. The frustrations of both these...

Daniel Klein (Klein 1997, Klein and Orsborn 2009 and Klein and Briggeman forthcoming) and Israel Kirzner (forthcoming) have been engaged in a debate concerning how economists should understand and use the terms “coordination” and “economic goodness”. Klein and Briggeman (forthcoming)...