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We study the importance of technology and institutions in determining the size of markets in five different countries and fifteen different German states. The setting of 19th century Europe presents a unique opportunity to address this issue, since it witnessed fundamental change in both...
Persistent link: https://www.econbiz.de/10012759413
Why do inefficient %uF818 non-growth enhancing %uF818 institutions emerge and persist? This paper develops a simple framework to provide some answers to this question. Political institutions determine the allocation of political power, and economic institutions determine the framework for...
Persistent link: https://www.econbiz.de/10013247019
The participation of interest groups in public policy making is unavoidable. Its unavoidable nature is only matched by the universal suspicion with which it has been seen by both policy makers and the public. Recently, however, there has been a growing literature that examines the participation...
Persistent link: https://www.econbiz.de/10012761587
Do societies choose inefficient policies and institutions, in contrast to what would be suggested by a reasoning extending the Coase Theorem to politics? Do societies choose inefficient policies and institutions because of differences in the beliefs and ideologies of their peoples or leaders? Or...
Persistent link: https://www.econbiz.de/10013216095
This note describes the unraveling of transaction dates in several markets, including the labor markets for new lawyers hired by large law firms and for gastroenterology fellows, and the market for post-season college football bowls. Together these will illustrate that unraveling can occur in...
Persistent link: https://www.econbiz.de/10013135760
its incentives in investing in better institutions. We present a simple theory and extensive empirical evidence validating …
Persistent link: https://www.econbiz.de/10012942707
We construct a model of revolution and transition to democracy under individualistic and collectivist cultures. The main result is that, despite facing potentially larger collective action problems, countries with an individualistic culture are more likely to end up adopting democracy earlier...
Persistent link: https://www.econbiz.de/10013023685
theory, could be corrected by government intervention. However, as long as government policy is determined by voting …
Persistent link: https://www.econbiz.de/10013221836
Specific quasi-rents build up in a wide variety of economic relationships, and are exposed to opportunism unless fully protected by contract. The recognition that such contracts are often incomplete has yielded major insights into the organization of microeconomic exchange. Rent appropriation,...
Persistent link: https://www.econbiz.de/10013237014
In this paper we provide evidence using annual data for the period 1880 to 1986 that institutional variables are significant determinants of velocity in the United States, United Kingdom, Canada, Sweden and Norway. This evidence supplements our earlier findings (Bordo and Jonung, Cambridge...
Persistent link: https://www.econbiz.de/10013210545