A few centuries ago, capitalism set in motion an explosion of economic productivity. Markets
and private property had existed for millennia, but what other key institutions fostered …

Legal theorists and other commentators have long established a distinction between
property and possession. According to this usage adopted here, possession refers to control …

The Coase theorem is one of the most influential and controversial ideas to emerge from
post–World War II economics. This article examines the theorem's origins, diffusion, and the …

These reflections are prompted by the papers by Ménard (2014) and Ménard and Shirley
(2014). Their essays centre on the path-breaking contributions to the 'new institutional …

The twenty-first century has seen major challenges to freedom and democracy.
Authoritarianism is on the rise and democracy is in retreat. Some promote individualism and …

Property institutions should ideally provide economic actors with certainty that their local
choices about investment will not be unsettled by shifting political economic equilibria. We …

Austrian economists have had mostly mixed feelings about transaction costs-based theories
of the organization of economic activities. We argue that the two approaches, the Austrian …

Everyone agrees that technology is important for economic development. But so too are
organisations and other institutions. Douglass North (1971 North, DC (1971),“Institutional …

Market universalism refers to the non-metaphorical tendency to use the term market to
describe a wide variety of arrangements or processes in the real world. Using institutional …

The exploitation of radio-electric spectrum bands for wireless transmission purposes has
some features of the commons: it is subject to congestion and conflict without rules …