Joachim Zweynert: When Ideas Fail – Economic Thought, the Failure of Transition and the Rise of Institutional Instability in Post-Soviet Russia

In the history of Russian economic ideas, a peculiar mix of anthropocentrism and holism provided fertile breeding ground for patterns of thought that were in potential conflict with the market. These patterns, did not render the emergence of capitalism in Russia impossible. But they entailed a deep intellectual division between Read more…

Liya Palagashvili/ Ennio Piano/ David Skarbek: The Decline and Rise of Institutions – A Modern Survey of the Austrian Contribution to the Economic Analysis of Institutions

Institutions are the formal or informal ‘rules of the game’ that facilitate economic, social, and political interactions. These include such things as legal rules, property rights, constitutions, political structures, and norms and customs. The main theoretical insights from Austrian economics regarding private property rights and prices, entrepreneurship, and spontaneous order Read more…