Excess distortions in the welfare state might result from the government lack of ability to commit not to help unlucky agents. Incentive considerations that are crucial in standard insurance in the presence of moral hazard play no role in this case. A benevolent government that sets transfers...

Benevolent governments lacking commitment ability provide too much insurance, if opportunistic private agents free ride on the government's concern and exert too little effort expecting government assistance. Yet, the costs of implementing the transfer policy work as a commitment device,...

In law as well as economics, the most well-known aspect of Coase's “The Problem of Social Cost,” is the Coase Theorem. Over the decades, that particular notion has morphed into a crucial component of Chicago law and economics — namely, transaction cost analysis. In this Article, I...

The drivers of public support for redistributive policy have stimulated academic debate around the world. The majority of studies use cross-country surveys conducted in the Organisation for Economic Co-operation and Development countries to contribute to the debate on whether self-interest or...

As by product of economic growth, jobs are indeed transformational. In other words, efficiency increases as workers get better at what they do (as more productive jobs appear and less productive ones disappear). In fact societies flourish as jobs bring together people from different ethnic and...

Corruption has become one of the most notoriously persistent and progressively worsening social problems afflicting Zimbabwe today, and this is indisputable. Corruption is most unwanted in the society especially by those not involved, but it is blamed by those who practice it, just to divert...

Corruption is a complex social phenomenon, which in addition to political and economic factors, also has deeply rooted cultural causes and social traditions which largely determine its existence and extent. Corruption itself in a certain sense is as old as human civilization and it occurs...

This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent voluntary redistribution of income or wealth. The theory...

Blockchain technology is subject to security vulnerabilities resulting from recent developments in quantum computing and cryptography. All the while, the technical complexities of blockchain’s peer-to-peer system require the intervention of third-party intermediaries to facilitate financial...