Aim: This paper reflects on the COVID-19 epidemic from the perspective of small
probabilities and the difficulty of predicting similar events. Against the background of basic …

The main aim of this article is to provide a basis for changing the focus in New Institutional
Economics (NIE) from the economic effects of institutions to the importance of “institutional …

Purpose–The paper aims to outline and analyse some important elements of institutional
capital and their potential effect on sustainable development. Design/methodology/approach …

Although studies using experimental game theory have been carried out in various
countries, no such major study has occurred in Poland. The study described here aims to …

Social capital plays a key role in the capacity of a society to cooperate, innovate and grow
economically. Although the level of social capital in Poland is low, over the past 25 years …

There exists vast literature on the determinants and effects of Foreign Direct Investment
(FDI). The issue has increased in importance due to strong globalization processes. Many …

Aim: In this paper, it is argued that in complex financial systems private goods, important for
the creation of a market, have to be considered in a multiple of differing property rights …

Social capital in the form of informal norms and networks of social relationships is an
intrinsic element of any society and influences the effectiveness of its economy. For this …

In this article, the importance of physical infrastructure for reducing transaction costs and the
use of transaction cost economics for analysing logistic chains is discussed. Transaction …

Based on ideas and notions discussed in Nassim Taleb's books The Black Swan and
Antifragile, in this article it is discussed how theories from the new institutional economics …