The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. Probing the long-term effects of early colonial differences on...

How much credit can be given to entrepreneurship for the unprecedented innovation and growth of free-enterprise economies? In this book, some of the world's leading economists tackle this difficult and understudied question, and their responses shed new light on how free-market economies...

Case studies that examine how firms coordinate economic activity in the face of asymmetric information-information not equally available to all parties-are the focus of this volume.In an ideal world, the market would be the optimal provider of coordination, but in the real world of incomplete...