It is common for scholars to describe institutions as “rules of the game.” This description entails a separation between a society and its rules. Social change thus results as societies amend their framing rules. This paper explores that common treatment of institutions as rules with a...

The paper explores the potential link between Catholic Social Teaching (CST) and the theoretical developments associated with New Institutional Economics (NIE). The emphasis is put in particular on the contributions of two Nobel Prize winners in economics, Douglass C. North and Elinor Ostrom,...

Does capitalism emerging in Eastern Europe need as solid ethnic or spiritual foundations as some other "Great Transformations" in the past? Apparently, one can become an actor of the new capitalist game without belonging to the German, Jewish, or, to take a timely example, Chinese minority. Nor...

Hayek’s “Use of knowledge in society” is often misunderstood. Hayek’s point is not just that prices aggregate dispersed knowledge, but also that the knowledge embedded in prices would not exist absent the market process. Later, in The Constitution of Liberty , he argues that this same...