Transaction costs, one often hears, are the economic equivalent of friction in physical systems. Like physicists, economists can sometimes neglect friction in formulating theories; but like engineers, they can never neglect friction in studying how the system actually does - let alone should -...

Using the idea of modularity, we study the general phenomenon of open-source collaboration, which includes such things as collective invention and open science in addition to open-source software production. We argue that open-source collaboration coordinates the division of labor through the...

The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions,...

The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions,...

The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions,...

We borrow Wittgenstein's concept of ``languagegames'' to create a theory of action. Thelanguage-games framework integrates theeconomic model of rational maximizing and thesociological model of rule following. Languagegames are subject to a process of naturalselection. Strong competition creates...