Culture shapes economic action and, as such, impacts economic life. Although there is a growing recognition amongst economists that culture matters, there is nothing approaching a universal agreement on how to incorporate culture into economic analysis. We provide a brief summary of how...

Austrian insights on the limits of central planning, the pervasiveness of knowledge problems, and the importance of the entrepreneur in coordinating social change have yielded substantive contributions to the literature on how individuals and communities respond to both natural and unnatural, or...

The aim of this paper is to elaborate on the Austrian school’s methodological orientation, which they named “subjectivism,” in a way that shows its affinity with the main thrust of John Dewey’s notion of the logic of inquiry. It is trying to make two distinct but related points. First,...

Abstract: Bay Street has always been at the centre of commercial, cultural and political life in the Bahama Islands. It also acts as a gateway for millions of tourists who come to Nassau, the Bahamian capital, via cruise ships every year. Not surprisingly, Bahamians and non-Bahamians have widely...

An entrepreneur’s prior knowledge and experience play a critical role in his ability to identify and exploit entrepreneurial opportunities. Although entrepreneurship research has acknowledged the role that prior information and prior knowledge play in opportunity recognition, few studies have...

A community’s capacity for self-governance depends on the social coordination capacity of community organizations and associations, the ability of community members to effectively access both bonding and bridging social capital, the ability of community members to leverage their shared...

The aim of the social sciences is to explain and understand social phenomena. They are concerned with how the purposeful action of individuals operating on the basis of their own peculiar knowledge of their particular circumstances of time and place bring about orders that no single mind did or...

This paper argues that in order to understand West Indian economic underdevelopment, the saliency of the informal institutions that emerged during its colonial period and the effect these institutions have had on the emergence of a local entrepreneurial class can not be discounted. British...