I develop a new and original theoretical concept of productive and destructive institutional entrepreneurship that explains institutional change as being the result of entrepreneurial decision-making. I argue that William Baumol’s (1990) classification of productive, unproductive, and...

What is the role of entrepreneurship in economic development from the perspective of neo-austrian and new institutional economics and what is the difference between these approaches? Neo-austrian economists claim that economic development is caused by entrepreneurial discovery. New institutional...

Economic theories of the last decades provide analytical framework within which we can explain institutional conditions for corrupt action. Specialists making economic policy recommendations to resolve this problem use several approaches, the most dominant of which are rent-seeking and agency...