Category Archives: institutional economics

On law, legislation, and Leoni

From my latest essay. The legal setting differs from the market setting in that the legal setting is an arena of conflict. If I need someone to fix my car, I enter the market arena. The mechanic and I agree … Continue reading

Posted in books and book reviews, institutional economics | 4 Comments

Dealing with complex social problems

Seth Kaplan writes, Despite our current state of social decay, a systems approach could help rebuild habits, manners, and morals that have fallen into disrepair. Because it takes a comprehensive view of social problems, such an approach would entail a … Continue reading

Posted in institutional economics | 5 Comments

Sentences about Puerto Rico

From commenter Handle. it was already in really bad shape before the storm. But Puerto Rico has had just about as many institutions of American government as it possible for any slightly-foreign, Spanish-speaking place to have for a long, long … Continue reading

Posted in institutional economics | 22 Comments

Russ Roberts on emergent order

He writes, Then there are things that are out of our control but that happen on their own through a natural process no human being intends or designs. Breathing. The healing of a paper cut. Staying attached to the earth … Continue reading

Posted in institutional economics | 3 Comments

Yuval Levin on Concentration of Power

He wrote, causes for worry on this front are by no means limited to the presidential contenders. They are evident in our institutions, and not only those dominated by the Left. Indeed, the willful weakness of the Congress (which has … Continue reading

Posted in institutional economics | Tagged | 9 Comments

Oliver Hart on Vertical Integration

He says, if I’m Firm A, I’m acquiring control over all the non-human assets that Firm B had, which might be machines, land, buildings, but also less physical things like patents, copyrights, existing contracts that Firm B had with other … Continue reading

Posted in business economics, institutional economics, Mark Thoma is Indispensable | 1 Comment

Pete Boettke on Expertise

He writes, The problem with experts isn’t that individuals can have superior judgement to others, or that one can earn authority through judicious study and successful action. The problem is an institutional one, and institutional problems demand institutional solutions. In … Continue reading

Posted in institutional economics | 1 Comment

What I’m Reading

State Capitalism, by Joshua Kurlantzick. His theme is that many developing countries have the government own and manage large companies in important industries. However, they use prices rather than commands. I had not been aware of how prevalent this practice … Continue reading

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Private Firms as Public Utilities

Thomas Sowell writes, What President Obama has been pushing for, and moving toward, is more insidious: government control of the economy, while leaving ownership in private hands. That way, politicians get to call the shots but, when their bright ideas … Continue reading

Posted in institutional economics | 31 Comments

Neoliberalism vs. Socialism

Scott Sumner is frustrated. The is no plausible argument that Hong Kong’s success is in any way a success story for statism, and there is no plausible argument that Greece’s failure has anything to do with neoliberalism. To suggest otherwise … Continue reading

Posted in institutional economics, Libertarian Thought, Scott Sumner is Coherent | 37 Comments