The view that European institutions do not operate with maximum efficiency, that they are not yet able to cope with all … emerged in recent years. In this paper we try to clarify the concept of institutional efficiency, and try to follow from a … chronological perspective the main events that led to the more or less efficient European institutions. …

ventures. That is followed by three papers that focus on the institutions that (fail to) channel financial resources to such … ventures and two papers that analyze the relevance of labor market institutions. The special issue concludes with two papers … investigating how the interplay of institutions and productive entrepreneurship results in economic growth. …