Bay Street, the main thoroughfare in Nassau, The Bahamas' capital city, is a storehouse for much of that country's social memory. It has been the stage for some of the most significant events in The Bahamas' history and continues to be at the center of Bahamian cultural, economic, and political...

Don Lavoie was the consummate teacher. He embraced the life of the mind, the world of ideas and philosophies and books with all of his being. And, he taught by example rather than by pronouncements, that being a scholar meant that you had to respect but not be bound by disciplinary borders, that...

To date, the discussion about what can be done in response to the global COVID-19 pandemic to blunt the economic, social, and psychological costs has largely focused on government bolstering small businesses through loans and grants, softening the effects of unemployment through unemployment...

This paper compares and contrasts two schools of political economy: the Austrian School, prominent members of which include Friedrich Hayek and Ludwig von Mises; and the Bloomington School, which was founded by Elinor and Vincent Ostrom. It is argued that the two traditions share a good deal in...

The market is a tool. It is a social machine that links prospective buyers with prospective sellers. It is a social arena where prospective buyers compete with one another to secure the goods and services that they desire, and where prospective sellers compete with each other to attract...

Anarchy, simply put, means a society without government. Unfortunately, when most people use the word, they typically make it mean something like chaos, or civil unrest; they equate anarchy with Hobbes's jungle where life is 'poore, nasty, brutish and short'. Anarchy, for them, is the penchant...

Economic sociology, the study of how economic phenomena affect and are affected by social forces, is a field that arguably dates back to classical economists and social thinkers such as Adam Smith. Arguably, however, Emile Durkheim and Max Weber did the most to systematize and outline the field...

During his first presidential term (1885-89), Cleveland opposed the partisan “spoils system” in the civil service, private legislation to benefit particular constituents, federal disaster relief, and protectionism. Public choice theory provides an illuminating framework for examining the...

Abstract: Ha-Joon Chang (2011), in his article ‘Institutions and Economic Development: Theory, Policy and History', argues that economists place too much faith in ‘liberalized' institutions. Institutions matter for growth, he contends, but not the way institutional economists think they do....