I develop a new and original theoretical concept of productive and destructive institutional entrepreneurship that explains institutional change as being the result of entrepreneurial decision-making. I argue that William Baumol’s (1990) classification of productive, unproductive, and...

How can errors in decision-making by rationally behaving individuals be explained? The concepts of bounded rationality proposed by H. Simon and of imperfect information in the complex reality by F. Hayek attack the over-restrictive assumption of perfectly informed individuals or organisms in...

The paper explains theoretical framework of how corruption hurts economic growth and reveals its application difficulties. Comparing views on corruption in terms of the problem of agency and the problem of rent-seeking we argue that corruption in general is the problem of legal setting and its...

Why is rent-seeking highly relevant for recent economic theory? In this paper, I argue that the common criticism of rent seeking theory is not new and relevant. First, I explain the basis of rent seeking and the main contributions to this theory including the theory of bureaucracy. Then, I...

Can corruption improve economic efficiency? Classical political economists argue that corruption undermines the rule of law (Smith 2001, chap 5). The modern Public Choice proponents argue that corruption might influence the efficiency of the rule of law. While Chicago Public Choice scholars...

Can corruption improve economic efficiency? Classical political economists argue that corruption undermines the rule of law (Smith 2001, Chap 5). The modern Public Choice proponents argue that corruption might influence the efficiency of the rule of law. While Chicago Public Choice scholars...

This paper shortly surveys theoretical and empirical literature related to regulatory capture in railway industry. In the first section, the survey summarizes the main contributions to the general theoretical framework referred to as the theory of regulation or the regulatory capture theory....

The author reviews the book Larry H. White (2012): The Economic Clashes of the Last Hundred Years. Cambridge: Cambridge University Press, 2012. Is the book White (2012) a modern text book of history of economic thought? Kuhn (1970) argues that the scientific development is a matter of the...

Czech Abstract: Je Israel M. Kirzner institucionální ekonom? Přesněji řečeno, tvrdím, že teorie podnikatelského objevování se stává prázdnou bez implicitního předpokladu institucionálního prostředí, které vymáhá soukromé vlastnictví

Czech Abstract: Tento text vysvětluje teorii podnikatelského objevování v kontextu teorie vlastnických práv a zkoumá, jaký druh vlastnických práv je nezbytnou podmínkou pro aplikaci této teorie