Despite the popularity of promoting entrepreneurship and small and medium enterprises
(SMEs) for economic development, there is little scientific basis on which policy makers can …

Public choice economists began studying anarchy in the 1970s. Since then, the amount of
research on anarchy has burgeoned. This article surveys the important public choice …

Providers of private governance can be geographically based and have a comprehensive
set of rules for many aspects of life (as in a boarding school or a kibbutz), or they can be …

For the past century economists have proposed a suite of theories relating to industrial
dynamics, technological change and innovation. There has been an implication in these …

This survey explores the important connection between institutions and entrepreneurship.
Institutions consist of the formal and informal" rules of the game." Entrepreneurs act within a …

Classical liberalism entails not only a theory about the scope of government and its
relationship with the market but also a distinct view about how government should operate …

The sharing economy is about to radically transform consumer behavior in the 21st century.
Companies like Uber or Airbnb provide targeted solutions to the economic scarcity problems …

Previous research, notably Baumol (1990), has highlighted the role of institutions in
channeling entrepreneurial supply into productive, unproductive, or destructive activities …

Elinor Ostrom was the first woman to win the Nobel Prize in economics. She has been at the
forefront of New Institutional Economics and Public Choice revolutions, discovering …

Hurricanes, typhoons, earthquakes, tornadoes, and fires can shatter lives, destroy property,
and cause severe emotional trauma. Consider, for instance, some of the worst disasters of …