The doctrine of price level stabilization is one of the most important building blocks in modern macroeconomics. In 1920s and 1930s, Friedrich August von Hayek presented a theory that challenged this monetary-policy regime. Hayek stressed that attempts to stabilize the price level in the...

Economic behavior strives for efficiency. Therefore, also evolving network structures should be a result of such a goal-oriented behavior. Traditionally, networks were assumed to be only temporary phenomena, since the prevailing organizational forms that comply with the efficiency postulate are...

The focus of this paper is to evaluate conceptions, perceptions, and interpretations of ‘financing sport’ throughout the European continent. The paper will aim to shed light on the ways that policy contexts dictate the application of sport financing as well as sport practices. While many...

Recording score improvements two years in a row, Turkey has achieved its highest economic freedom score ever in the 2014 Index. Deeper institutional reform to firmly establish the rule of law and improve regulatory efficiency will be developed to solidifying its transition to a more market-based...

Contrary to the received view, we maintain that Hayek’s monetary policy recommendations were not inconsistent. The prevalent perception of early Hayek as the money stream stabilizer and late Hayek as the price level stabilizer is attributable to an unjustified normative interpretation of...

One of the most controversial parts of F. A. Hayek's work is his theory of cultural evolution. By starting with current discussions on biological and cultural selection theories we bring individual, kin and group selection aspects together and shed some light on Hayek's thoughts on the Theory of...

This paper sheds new light on the concept of selection in evolutionary economics. The interpretation of natural evolution has experienced significant changes in the last decades, while these developments have been often ignored by economists. This is especially true for the concept of selection,...

We analyze the impact of institutional and cultural factors on the supply side of open source software (OSS). OSS is a privately provided public good: it is marked by free access to the software and its source code, and is developed in a public, collaborative manner by thousands of volunteers as...

Economic theory has evolved without paying proper attention to behavioral approaches, especially to social, economic, and cognitive psychology. This has recently changed by including behavioral economics courses in many doctoral study programs. Although this new development is most welcome, the...