This paper studies how an institution such as markets affects the evolution of mankind. My key point is that the forces …

the players and policies in the many distinct domestic and international markets that exist for the inputs and outputs of …

Market completeness has important implications for household behavior. I firmly reject complete markets for …

Markets are ubiquitous in our daily life and, despite many imperfections, they are a great source of human welfare …. Nevertheless, there is a heated recent debate on whether markets erode social responsibility and moral behavior. In fact …, competitive pressure on markets may create strong incentives for unethical practices (like using child labor) to increase …