When assessing legislation and policies of the past, one must analyze the context in which they were developed. Failure to understand the past and the path to the present may lead to misunderstanding a regulatory agency’s structure and values. Such failures to understand the past have resulted...

Capital and Ideology represents a significant further statement from Thomas Piketty. The arguments made by the “New Piketty” are largely compatible with those of his previous Capital in the Twenty-First Century, but reflect broadening of scope and deepening of causal analysis, most markedly...

Freedom of movement is one of the great issues of our time. Expanding opportunities for both international and internal migration can greatly expand freedom and opportunity for hundreds of millions of people. The same goes for expanding freedom of choice in the private sector. “Voting with...

Formal private property rights (“FPPRs”) have been advocated as an important prerequisite to economic development: a legal right to property ownership motivates economic players to engage in economic activities when these activities yield property interests, and this, in turn, contributes to...

Economic theory and a growing body of empirical literature suggest that private property rights are an important determinant of economic development. In this paper, four commonly used measures of institutional protection of private property rights are assessed, including their relative ability...

This paper explores the realization of farmers' rights in order to reward farming communities for their contribution in conserving and developing crop genetic resources. Current proposals to realize farmers' rights follow both Coasean and Pigouvian approaches, which try to solve the public good...

The main aim of this study is to explain how institutional change, based on processes of democratization, governs the origin and diffusion of technological innovation across economies. This study suggests that institutional change, based on a progressive democratization of countries, is a...

Ballot box voting is often considered the essence of political freedom. But it has two major shortcomings: individual voters have little chance of making a difference, and they also face strong incentives to remain ignorant about the issues at stake. "Voting with your feet," however, avoids both...

Using cross-country data, we find evidence for a significant negative interaction effect between democracy and inequality in determining the quality of growth-promoting institutions like rule of law. Democracy is associated with institutions of higher quality when inequality is lower

Market interactions are brought about by the interplay of entitlements and obligations. Entitlements are rights, as perceived by the individuals. They are subjectively perceived rights that go along with a motivational disposition to defend them. Obligations are the counterparts of entitlements....