While markets are all around us, not all markets are the same. Markets come in a variety of colors based on the legality of activities in the specific market. As such, there is no market economy per se, but instead various shades of markets. The different shades of markets that are evidenced in...

This essay examines the role that expectations play in economic development and the efficacy of international development assistance programs. Because specialists within the development community tend to hold and perpetuate naively optimistic expectations about their programs, they fail to...

Media, Development, and Institutional Change investigates mass media's profound ability to affect institutional change and economic development. The authors use the tools of economics to illuminate the media's role in enabling and inhibiting political-economic reforms that promote development

What factors and processes influence the wealth of nations? This is the central question addressed by North, Wallis, and Weingast (NWW) (2009) in their framework for quot;interpreting recorded human history.quot; This essay emphasizes that the implications of NWW's analysis provide the...

The issue of economic development has been at the center of economics from its beginnings. Adam Smith, writing in 1776, attempted to determine the factors that led to the wealth of nations. He concluded that low taxes, peace and a workable system of justice would lead to economic growth (Smith...