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It has been accepted to most policy and development economists that among the most important sets of institution in an economy are those that provide for enforcement of contracts. Grief (1994) illustrates it with two kinds of actors, merchants and agents. Agents carry out overseas trade on behalf of merchants. One merchant chooses either collectivist or individualistic enforcement of his contracts with agents. The collectivistic enforcement entails punishing, by refusing to hire, an agent who is known to have cheated a merchant in collective group. The individualistic enforcement entails a merchant's punishing only agent who has cheated him. Grief shows that if the merchant believes that collectivist enforcement is likely to occur, it will not be in his interest to hire an agent who had cheated someone in the group of merchants. In the short run individualistic enforcements will be more costly since it forges strongergroup level punishment, mechanism, but in the long run it will strengthen the forces that contribute to the emergence of formal state level mechanisms to enforce contracts. Such activities tend to promote long run growth.
There is no doubt that the environment surrounding business organizations play an important role in influencing the decisions of those organizations and their strategic plans. That
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The monetarist and fiscal controversy is still on. The recent history of the U.S. looks like a success story of the monetarists; but besides pure luck, it involved strong element o
What are your thoughts on Putman’s “Bowling Alone,” the idea that there has been a decline in social capital in North America? Do you agree or disagree with the assertion? Support
summarize the basic tents of the argumentsin this case
An economy has two agents and two goods. Utilities are given by UA=min{xA,0.5yA} and UB=min{xB,0.5yB}. The total amount of X in the economy is 10. The total amount of Y is also 10.
Only limited progress has been made in modeling of dynamic process of institutional change, therefore, limiting the concerned policy options. It has been identified that innovatio
3 voters, A, B, and C, will decide by majority rule whether to pass bills on issues X and Y. Every of the two issues will be voted on indiviually. The change in net profits (in dol
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