It is common for scholars to describe institutions as “rules of the game.” This description entails a separation between a society and its rules. Social change thus results as societies amend their framing rules. This paper explores that common treatment of institutions as rules with a...

This article discusses the problem of "thought experiments" in Austrian economics and takes as a starting point Lawrence Moss’ argument on the divide between the older Austrian economists - for whom thought experiments were crucial - and the new generation that, in Moss’ view, has...

On November 7th, 2003, the Fund for the Study of Spontaneous Orders, the Atlas Economic Research Foundation, the Mercatus Center at George Mason University, and the Institute for Humane Studies honored Vincent and Elinor Ostrom with a Lifetime Achievement Award for their pioneering contributions...

This article explores in depth the key legislative and policy elements of the Romanian agrarian reform, surveys their historical and social context, articulates the ideas and beliefs that guided them, and assesses their success and repercussions. This detailed overview reveals that above and...

Elinor Ostrom's groundbreaking studies on self-governance systems and on how people solve common-pool resource problems have challenged the theory and practice of economic development. Two theses stand at the core of this challenge. Firstly, any single, comprehensive set of formal laws intended...