its incentives in investing in better institutions. We present a simple theory and extensive empirical evidence validating …

economy are tested. Capture Theory de-emphasizes the role of institutional settings of the kind at work here: The outcomes of … before the Department of Commerce, this study finds more support for Capture Theory than for the New Institutionalism. An …

innovation. After identifying pervasive market failures in innovation, it explains why those associated with the Nordic model may … be particularly conducive to innovation, and demonstrates that, in general, the optimal policies of the leader should … industrial policies, public investments, and systems of social protection), not only leading to more innovation, but ensuring …

are perceived to be less "efficient." In this paper I develop a theory of public contracting that accommodates these stark …