Many environmental damages are caused by substances which come into existence asundesired joint outputs in the production of desired goods. Whether an output isdesired or not, however, is not an inherent property of the substance itself butdepends on the context of production. This book studies...

In this chapter, we present fragments of previously unpublished correspondence between Ludwig Lachmann and G. L. S. Shackle on the nature of institutions. This correspondence allows us to rationally reconstruct a theory of institutions, which extends Lachmann's theoretical work. Shackle pointed...