This paper builds upon a view of economic system and individual economic organization as problem-solving arrangements and presents a simple model of adaptive problem-solving driven by trial-and-error and collective selection. The institutional structure, and in particular its degree of...

Previous research using country or firm data has been inconclusive on the sign of the relation between domestic and foreign investment. Though several hypotheses have been formulated, the factors determining the sign of this relationship are not clearly identified yet. In this paper we explore...

Purpose The purpose of this paper is to discuss Centrolac, a Nicaraguan company engaged in processing ultra-pasteurized milk, and provides abundant information for readers to decide on vertical vs horizontal integration to deal with the changing competitive environment. It has been prepared to...

This paper builds upon a view of economic system and individual economic organization as problem-solving arrangements and presents a simple model of adaptive problem-solving driven by trial-and-error and collective selection. The institutional structure, and in particular its degree of...