Our cognitive limitations cause us to rely on institutions to guide reasonable behaviour; market institutions reduce the costs of search, negotiation, and monitoring entailed in making single transactions. The making of markets requires an investment of immaterial capital, the major share of...

This paper endeavours to contribute to the growing institutionalist literature on the conception of the institution. We draw from John Davis’ (2003) analysis of the individual in posing the questions: what differentiates institutions, and how can changing institutions be identified through...

We consider the relative contributions of changing technology and institutions for economic growth through the investigation of a natural experiment in history: the almost simultaneous introduction of the automatic cream separator and the cooperative ownership form in the Danish dairy industry...

This paper constructs a Global Entrepreneurship Index (GEINDEX) that captures the contextual feature of entrepreneurship across countries. We find the relationship between entrepreneurship and economic development to be mildly S-shaped not U-shaped or L-shaped. Our findings suggest moving away...

Economic development in Sub-Saharan Africa has been lagging behind. At the time of independence, a number of Sub-Saharan countries had relatively favourable development prospects and income levels comparable with those in Southeast Asian countries. Yet, many Southeast Asian countries today have...

We analyze the impact of institutional and cultural factors on the supply side of open source software (OSS). OSS is a privately provided public good: it is marked by free access to the software and its source code, and is developed in a public, collaborative manner by thousands of volunteers as...

The paper analyzes the impact of institutional and cultural factors on a remarkable economic activity: the production of so-called open source software (OSS). OSS is marked by free access to the software and its source code. Copyright-based OSS licenses permit users to use, change, improve and...

We analyze the impact of institutional and cultural factors on the supply side of open source software (OSS). OSS is a privately provided public good: it is marked by free access to the software and its source code, and is developed in a public, collaborative manner by thousands of volunteers as...

The article turns to classical economic insights on the division of labor and to institutional reasoning to identify some costs and benefits of Open Source Software (OSS) and proprietary software production. It suggests that, thanks to its licenses, OSS favors market expansion more than...

Climate and institutions might be crucial in lowering the vagaries of climate change impacts in terms of productivity. This study measures the relationships of productivity measures adjusted for the regulation of carbon emission and institutions together with climate change throughout the world....