Institutions

Why the West got rich and the Middle East did not

By Jared Rubin*

Today’s rulers of the three largest Middle Eastern economies all look to religious authorities as a key source of legitimacy. Drawing on a broad sweep of historical analysis, this column explores what this might mean for the region’s economic future. One notable danger...

Special Issue on "Institutions and wellbeing," part 2

Guest post by Toke Aidt, Daniel L. Bennett, and Boris Nikolaev

(This is the second part of a description of a recent special issue in the European Journal of Political Economy , continuing part 1 )

While economic performance provides an indication of economic well-being, the...

Special Issue on "Institutions and wellbeing"

Guest post by Toke Aidt, Daniel L. Bennett, and Boris Nikolaev*

For many years, the received wisdom among economists has been that the drivers of economic growth and development are investment in physical capital (machines, buildings, etc.), human capital (education), public...

Economic Governance today: The Credibility Problem and the Clarity Problem

By Jens Prüfer

About 25 years ago, Avner Greif and his co-authors set out to study how the rise, mechanics, and decline of certain institutions in the European middle ages can be explained by the help of game theory (Greif 1989, 1993; Greif, Milgrom, and Weingast 1994). Soon it became...