Despite being a key term in institutional economics, the term 'institution' seems to be used in various different ways. To what extent is this problematic, given that a shared understanding of key terms among scholars is a necessary condition for scientific progress? We review prominent...

According to the principle of Normative Individualism, the evaluation of economic states and processes should be guided exclusively by the wishes of the individuals who are seen as the only bearer of values. Despite its intuitive appeal and its almost universal acceptance in normative economics...

In the November/December 2021 issue of Intereconomics, Françoise Drumetz and Christian Pfister examine Modern Monetary Theory (MMT) and approach it from the policy consequences that would follow. This paper is a reply to Drumetz and Pfister. It restates the core of MMT and offers some...

According to the principle of Normative Individualism, the evaluation of economicstates and processes should be guided exclusively by the wishes of the individuals whoare seen as the only bearer of values. Despite its intuitive appeal and its almost universalacceptance in normative economics...

According to the principle of Normative Individualism, the evaluation of economic states and processes should be guided exclusively by the wishes of the individuals who are seen as the only bearer of values. Despite its intuitive appeal and its almost universal acceptance in normative economics...

Current debates in social ontology are dominated by approaches that view institutions either as rules or as equilibria of strategic games. We argue that these two approaches can be unified within an encompassing theory based on the notion of correlated equilibrium. We show that in a correlated...

This paper compares and contrasts two schools of political economy: the Austrian School, prominent members of which include Friedrich Hayek and Ludwig von Mises; and the Bloomington School, which was founded by Elinor and Vincent Ostrom. It is argued that the two traditions share a good deal in...

The present paper examines attribute substitution in terms of both heuristics and attribution theory in social psychology. Alternative “old” approaches in psychology were special because they considered choice in terms that were similar to attributional inference in social psychology and...

In the November/December 2021 issue of Intereconomics, Françoise Drumetz and Christian Pfister examine Modern Monetary Theory (MMT) and approach it from the policy consequences that would follow. This paper is a reply to Drumetz and Pfister. It restates the core of MMT and offers some...

Despite being a key term in institutional economics, the term "institution" seems to be used in various different ways. To what extent is this problematic, given that a shared understanding of key terms among scholars is a necessary condition for scientific progress? We review prominent...