Estimates of total factor productivity are based on assumptions that preclude the decentralized, broad-based innovation that undergirds the dynamism of capitalist economies. Thus the decline in standard measures of productivity – which fly in the face of most everyday experience – is not a...

This paper draws on a natural experiment to identify the relationship between income and trust. We use a unique panel dataset on Russia where GDP experienced an 8 percent drop in 2009. The effect of the crisis had been very uneven among Russian regions because of their differences in industrial...

Taking a conceptual approach, this book studies the economic development of the four East Asian economies since 1950. The author summarizes and reconsiders many of the arguments and findings that supported and explained the economic 'miracles' of Hong Kong, Singapore, Taiwan and South Korea,...

The article presents considerations on a recursive calculus of the economy. Economic decisions gain their self-reference from the fact that they contradict each other with regard to their decreasing marginal utility, opportunity costs, the postponement of satisfaction of needs and their own...

The Cato 2019 Welfare, Work, and Wealth National Survey of 1,700 Americans investigates attitudes toward the rich and the poor and examines what Americans believe about work, welfare, and social mobility

The aim of my paper is to show that a consistent economic analysis brought to its logical conclusions should destroy any theory of property rights, and as such it is inconsistent with its own premises, and especially with the ideological presuppositions of quite all of its followers. The...

Capitalism is an economic and social order oriented toward the future. In this paper, I describe the unfolding of the temporal order of capitalism and relate it to the restless dynamism of capitalism we have observed since the Industrial Revolution. Since the future is open, actors are...

Comparing domestic- and foreign-owned firms in Germany, this paper finds that foreign-owned firms are more likely to focus on short-term profit. This influence is particularly strong if the local managers of the German subsidiary are not sent from the foreign parent company. Moreover, the...

We use to consider Russia as a commodity state whose welfare was mainly based on extraction and export of hydrocarbons. Well, Russia has one of the biggest oil and natural gas endowments, virtually dominates at the European crude oil and natural gas markets and actively builds up export of oil...