When contracts are not enforceable, or property rights are not clearly defined, individuals might lack an incentive to carry out costly investments even when they are socially efficient. Some recent contributions such as Ellingsen and Robles (2002) prove that this problem might be less dramatic...

When contracts are not enforceable, or property rights are not clearly defined, individuals may lack an incentive to carry out costly investments even when they are socially efficient. Some recent contributions such as Ellingsen and Robles (2002) prove that this problem may be less dramatic than...

Because different people can develop different skills, a knowledge rich society must be an ecology of specialists; knowledge is distributed within each human brain, within each organisation and within the economic and social system; and being distributed it can grow, provided that it is...