A country's institutional framework plays a crucial role in promoting entrepreneurship, which drives economic growth. Encouraging a minimum level of certainty in ambiguous environments characterized by risk taking is important. Aware of this importance, we analyze the influence of institutional...

Despite the substantial economic impact of the restaurant industry, large-scale empirical research on restaurant survival has been sparse. We investigate whether consumer-posted photos can serve as a leading indicator of restaurant survival above and beyond reviews, firm characteristics,...

Accounting and Financial methods are useful techniques for business, but their objective study should be inserted in the wider scope of Social Science. Historical issues determine policies and these ones, themselves, configure taxes and other environmental variables. Taxes, interest rates and...

The recent recession has brought a sharp decrease in income, output, and world trade, as well as an increase in unemployment in developed and underdeveloped countries. Experts such as Paul Krugman, Christina Romer, or Barry Eichengreen, compare the current situation with the Great Depression of...

The efficiency of institutions, understood in the sense of constraint optimization, does not make much sense when discussing the New Institutional Economics (NIE), i. e., under conditions in which institutions matter. For such a world one has to use non-optimizing methods to assess the economic...

The efficiency of institutions, understood in the neoclassical sense, i.e., as the result of constraint optimization of a neoclassical economy is pointless from the perspective of the New Institutional Economics, because the latter assumes incomplete foresight. For such a world one cannot use...

In modern economic science and business practice, a lot of synonymous terms used to designate autonomous economic entities engaged in social production. Authors often put particular meaning into them, which complicates the scientific dialogue and the development of scientific knowledge. In...

An evolutionary model of the product life cycle is applied to derive the experience curve and the market size of (expensive) durable goods. The experience (learning) curve suggests that the real costs per unit decrease with an increasing cumulative output (Henderson's law). Based on the idea...

Henry Hazlitt was a unique public intellectual, who strove to not only to enlighten the general public with his writings, speeches, and appearances on TV and radio, but sought to contribute to the specialized disciplines of economics and philosophy. The evidence supporting my conjecture that...