The main aim of this paper is to introduce the network averaging technique. This technique is introduced because accurately determining the structure of real networks can be difficult and the network averaging technique provides a proxy for real networks. A second aim is to introduce the...

The paper investigates two different approaches to the analysis of institutions using game theory and discusses their methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern’s theory, we investigate how game theory has been applied to the...

Indonesian traditional villagers have a tradition for the sake of their own social and economic security named “nyumbang”. There are wide variations of the traditions across the archipelago, and we revisit an observation to one in Subang, West Java, Indonesia. The paper discusses and employs...

Since the 2007-08 crisis, banks in many countries have been facing what seems to be a serious “trust crisis”. This sharp decline in trust in banks and banking, the likely outcome of the near-collapse of banking systems during the crisis, is partly captured by a growing empirical literature....

The theory of reforms usually assumes that a designer aims to increase public welfare under existing constraints. In practice, however, initiators of reforms quite often proceed from false premises, and pursue political and-or self-interested goals. In this paper, we analyze an example of such...

This paper focuses on the correlation between education and sustainable development unveiling the human dimension of development process. In authors’ opinion, success in revising unsustainable trends will, to a large extent, depend on the flexibility in understanding the type of education...

The financial and economic global system was changed due to the world economic financial crisis that affected most of the countries. Crisis is a process of transformation where the old system can no longer be maintained. Therefore, the cause of a crisis is the need for change. A solution for the...

This paper presents an explanation of how the dynamic but uncertain process of economic development and growth occurs. It shows that economic development leads to structural change, an enhancement of capabilities and path dependence in the economy. It examines three different approaches to...

This paper discusses the causes and consequences of the current trend in which a principal driver of growth is inward remittances by workers deployed overseas. The main benefit of the phenomenon is an easing of the fiscal burden arising from the effectively large transfer from workers to the...

This paper provides an introduction to the field of evolutionary economics with emphasis on the evolutionary theory of household behavior. It shows that the goal of evolutionary economics is to improve upon neoclassical economics by incorporating more realistic and empirically grounded...