The idea of measuring scientific relevance by counting citations is gaining ever-growing consensus among economists, and thanks to the electronic bibliographic resources now available the procedure has become relatively simple and fast. However, when it comes to putting the idea into practice...

Globalization disrupted the seemingly solid construction emerged in the aftermath of WW II, called the international trade system. For over fifty years, the system grew constantly thanks to the increasing number of countries that joint it as well as to its ubiquitously-accepted rules. For better...

This paper provides an introduction to the special issue on international lending of last resort. Starting from debates about rescue operations and unconventional policies of major central banks in the contexts of the Global Financial Crisis and the European Debt Crisis, it draws attention to...

The author argues that the decay of liberal capitalism is the consequence of social rules that leave unconstrained the unwarranted intrusion of government into our economic affairs and reward leaders who can succeed in this process of power politics

The authors offer perspective on the world financial crisis. Specifically, they claim it was a perfect storm of policy errors that caused the housing bubble and then perpetuated the recovery period into an over-extended recession

This paper applies Kirzner’s theory of entrepreneurial alertness to central banking. As opposed to entrepreneurs operating within the market, central banks can operate outside the market by defining its structure and regulations. We label as “super-alertness” the particular type of...

The basic idea of an institution (formal and/or informal) may be conceived as an aggregate structure that has an influence on the individuals. Entrepreneurship is observed to be dependent on institutions for its performance. Constraining and enabling functions of institutions impose certain...

This paper provides a comparative analysis of the Great Depression (1929-1933) and the Great Financial Crisis (2007-2009) by contrasting the crises' main driving forces and how they relate to each other with respect to the United States. To this end, causes, consequences and measures undertaken...

The authors highlight under-appreciated problems with implementing a Basic Income Policy, even in the case of simple cash transfers which, given the existence of redistribution, are preferable to the bureaucratic machinery necessary for rationing specific goods